SANDEEP KUMAR AGARWAL,JAGATPUR vs. ACIT,NFAC, DELHI, CUTTACK

In the result, appeal of the assessee stands allowed

Bench: Before Shri George Mathan, Judicial & Manish Agarwal Manish Agarwalassessment Year : 2014-15 Sandeep Sandeep Kumar Kumar Agarwal, Agarwal, Vs. Acit, Nfac, Delhi/Cuttack Acit, Nfac, Delhi/Cuttack C/O. Agarwal Spices & C/O. Agarwal Spices & Food Processors Pvt Ltd., Food Processors Pvt Ltd., Jagatpur. Pan/Gir No Pan/Gir No.Aarpa 8064 B (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri Mohit Sheth Mohit Sheth, Adv Revenue By : Shri Charan Dass, Ld Sr Dr , Ld Sr Dr Date Of Hearing : 28/0 05/2024 Date Of Pronouncement : 28/0 /05/2024 O R D E R Per Bench

pricing of each of the shares varies between 10 and 690. The dealt with by the assessee which are above the value of 100 are about 9 out of 55 different shares. Thus, the assessee is substantially into dealing in midcap and small cap shares. The shares of AAR Infrastructure which has been applied for and has been allotted

HEMANT KUMAR AGARWAL,CUTTACK vs. ADDL.CIT NFAC, DELHI

In the result, both appeals of the assessee are allowed

pricing of each of the shares varies between 10 and 690. The shares out of 55 different shares. Thus, the assessee is substantially into dealing in midcap and small cap shares. The shares of AAR Infrastructure which has been applied for and has been allotted on account of merger with CCL International increased in number but reduced in value. Admittedly

HEMANT KUMAR AGARWAL,CUTTACK vs. ADDL.CIT , NFAC, DELHI

In the result, both appeals of the assessee are allowed

pricing of each of the shares varies between 10 and 690. The shares out of 55 different shares. Thus, the assessee is substantially into dealing in midcap and small cap shares. The shares of AAR Infrastructure which has been applied for and has been allotted on account of merger with CCL International increased in number but reduced in value. Admittedly

RIDHI BAGARIA,CUTTACK vs. ITO WARD-1(1), CUTTACK

In the result, appeal of the assessee allowed

price appearing on the exchange portal and at the point of time of sale of equity shares, companies were not marked as shell companies by SEBI and nor the trading of these scrips were suspended. The assessee also deserves to succeed on the legal ground as no opportunity was awarded to cross examination the third person which were allegedly found

RASHI AGRAWAL,CUTTACKI vs. INCOME TAX OFFICER, CUTTACK

In the result, appeal of the assessee allowed

natural justice because of which the assessee was adversely affected”. 24. We accordingly in view of our above discussions, facts and circumstances of the case and respectfully following judicial precedents and the decisions of Co- ordinate benches squarely applicable on the instant cases, are of the considered view that in the case of the assessee(s) namely Shivnarayan Sharma, Sapan

ASHWIN KUMAR AGARWAL,CUTTACK vs. DCIT ASMNT CIRCLE-2(1)CUTTACK, CUTTACK

In the result, appeal of the assessee is allowed

transfer of a long term capital asset, being an equity share in a company, if the transaction of acquisition, other than the acquisition notified by the Central Government in this behalf, of such equity share is entered into on or after the 1st day of October, 2004 and such transaction is not chargeable to securities transaction tax under Chapter

KALINGA MINING CORPORATION,CUTTACK vs. A.C.I.T, CIRCLE-2(1), CUTTACK

In the result, both appeals of the assessee are allowed

natural justice have not been complied with. 14. It is also respectfully submitted that in the case of Mudra Exports vrs Deputy Commissioner of Income Tax Writ Tax No.628 of 2015 dtd.05j04j2024 in the Hon'ble High Court, Allahabad, an opinion expressed by an expert howsoever, revered and respected remains only an opinion. In the context of the Report relied

KALINGA MINING CORPORATION,CUTTACK vs. A.C.I.T., CIRCLE-2(1), CUTTACK

In the result, both appeals of the assessee are allowed

natural justice have not been complied with. 14. It is also respectfully submitted that in the case of Mudra Exports vrs Deputy Commissioner of Income Tax Writ Tax No.628 of 2015 dtd.05j04j2024 in the Hon'ble High Court, Allahabad, an opinion expressed by an expert howsoever, revered and respected remains only an opinion. In the context of the Report relied

LORAMITRA RATH,KAIRAPARI KOTSAHI, TANGI vs. DCIT (CIRCLE-1(1), CUTTACK

The appeal is allowed

Bench: Before Shri George Mathan, Judicial & Manish Agarwal Manish Agarwalassessment Year : 2015-16 Loramitra Loramitra Rath, Rath, Kairapari Kairapari Vs. Dcit, Circle Dcit, Circle-1(1), Kotsahi, Tangi, Cuttack Kotsahi, Tangi, Cuttack Cuttack Pan/Gir No. No.Aebpr 6065 H (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri Purnendhu Bhusan Mohanty, Ca Purnendhu Bhusan Mohanty, Ca Revenue By : Shri S.C.Mohanty, Sr S.C.Mohanty, Sr Dr

Justice Hidayatulla (supra), various courts have, from time to time, analyzed the law in this regard and have suggested various tests to find out whether, in a given set of facts, was the case an event of 'diversion or 'application' of income. However, all these diverse tests revolve around and/or the supplement the "true test" formulated in Sitaldas Tirathdas (supra

MR. BICHITRANANDA ROUT,SHANKARPUR, CUTTACK vs. INCOME TAX OFFICER, WARD-2(1), CUTTACK

In the result, appeal of the assessee stands dismissed

justice and obliged. “ P a g e 5 | 33 Assessment Year : 2017-18 4. The main crux of ld AR’s arguments is two folds, first is that the assessee’s case is one which the total addition is less than Rs.50 lakhs and, therefore, it was a Single Member case, which has also been heard by a Single Member

LALIT KUMAR JALAN,JALAN PHARMACEUTICALS vs. ITO WARD-1(1), CUTTACK

In the result, appeal of the assessee is allowed with the directions

justice rendered. 2 That the Ld. Assessing officer is unjustified and unlawful by not considering the reasons submitted for fair market value of the land being low as compared to the stamp duty value and referring the case to the valuation officer at the last moment that too after the objection by the appellant and passing the order without waiting

SMT. PURNIMA DAS,BHUBANESWAR vs. PR. CIT-1,, BHUBANESWAR

Bench: S/Shri George Mathan & Arun Khodpiaassessment Year : 2017-18 Smt. Purnima Das, C/O. Vs. Pr. Cit, Bhubaneswar-1. Biswajit Das, At-9, Budha Nagar, Budheswari, Bhubaneswar. Pan/Gir No.Aazpd0112 B (Appellant) .. ( Respondent) Assessee By : Shri P.K.Mishra, Ar Revenue By : Shri M.K.Gautam, Cit Dr Date Of Hearing : 16/02/2023 Date Of Pronouncement : 16/02/2023 O R D E R Per Bench This Is An Appeal Filed By The Assessee Against The Order Of The Ld Pr.Cit Passed U./S.263 Of The Act, Dated 12.3.2022 In Appeal No. Itba/Rev/F/Reev5/2021-22/10540634159(1) For The Assessment Year 2017-18. 2. Shri P.K.Mishra, Ld Ar Appeared For The Assessee Assisted By Ms.Sugyanee Kuanr & Ms. Simran Samal, Intern From Birla School Of Law (Bgu), Bhubaneswar & Shri M.K.Gautam, Ld Cit Dr Appeared For The Revenue Assisted By Shri Dharmashoka Panda, Intern From Birla School Of Law (Bgu), Bhubaneswar. 3. It Was Submitted By Ld Ar That The Assessee Is An Individual, Who Is A Professor Of Mathematics At P.N.College, Khurda. The Assessee Had Filed Her Return Of Income For The Relevant Assessment Year On 5.8.2017

justice..” P a g e 7 | 47 Assessment Year : 2017-18 5. After receipt of the reply of the assessee, the Assessing Officer had issued notice u/s.133(6) of the Act to the Tahasildar, Athagarh, who was the concerned Tahasildar in respect of the said area. In the notice u/s.133(6) of the Act, the Assessing Officer had requested