PARADIP PORT AUTHORITY,JAGATSINGHPUR vs. DCIT,CIRCLE-1(1), CUTTACK

In the result, all the three appeals of the assessee are allowed

27,65,87,554 3,03,80,73,961 3,54,47,73,803 Total Revenue Expenditure(a+b) Capital Expenditure Application as per Schedule -3, Fixed 65,40,57,923 33,67,65,810 9,46,51,725 Assets (c) Repayment of Capital Loan (ADB) taken from Govt. of India

PARADIP PORT AUTHORITY,JAGATSINGHPUR vs. DCIT,CIRCLE-1(1), CUTTACK

In the result, all the three appeals of the assessee are allowed

27,65,87,554 3,03,80,73,961 3,54,47,73,803 Total Revenue Expenditure(a+b) Capital Expenditure Application as per Schedule -3, Fixed 65,40,57,923 33,67,65,810 9,46,51,725 Assets (c) Repayment of Capital Loan (ADB) taken from Govt. of India

PARADIP PORT AUTHORITY,JAGATSINGHPUR vs. DCIT,CIRCLE1(1), CUTTACK

In the result, all the three appeals of the assessee are allowed

27,65,87,554 3,03,80,73,961 3,54,47,73,803 Total Revenue Expenditure(a+b) Capital Expenditure Application as per Schedule -3, Fixed 65,40,57,923 33,67,65,810 9,46,51,725 Assets (c) Repayment of Capital Loan (ADB) taken from Govt. of India

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

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

27 of 1957). Explanation 2. - For the purposes of this section, the expression "assessable" means the price which the stamp valuation authority would have, notwithstanding anything to the contrary contained in any other law for the time being in force, adopted or assessed, if it were referred to such authority for the purposes of the payment of stamp duty

ITO, ANGUL WARD, , ANGUL vs. M/S. NCC SMASL JRT(JV),, ANGUL

transfer the entire sale proceeds to AE to ensure lowest sale price to MC. The assessee failed to justify the rationality of the approach since, the ultimate sale price to MCL is not linked with the cost of either assessee or AE in the entire scheme of arrangement. Further, the assessee's contention that the income of the assessee

ITO, ANGUL WARD, ANGUL vs. NCC-SMASL-JRT(JV), ANGUL

transfer the entire sale proceeds to AE to ensure lowest sale price to MC. The assessee failed to justify the rationality of the approach since, the ultimate sale price to MCL is not linked with the cost of either assessee or AE in the entire scheme of arrangement. Further, the assessee's contention that the income of the assessee

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

In the result, appeal of the assessee stands dismissed

price ultimately credited to profit 8: loss account) and on the other hand amounts received from above parties has also been added u/s 68 of the Act. This view has been held by the Hon'ble Supreme Court in the case of CIT vs. Devi Prasad Vishwnath Prasad (1969) 72 ITR 194(SC) that "It is for the assessee

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

27, hand held that if the assessee acquires a right to receive the income, P a g e 10 | 59 Assessment Year : 2015-16 the income is said to have accrued to him, though, it may be received later on. The basic concept is that he must have acquired a right to receive the income. In other words, there must

M/S. NABADURGA MINERALS ,RAIRANGPUR vs. ACIT, CIRCLE, BALASORE

In the result, appeals of the revenue in ITA No

Bench: Shri George Mathan & Shri Manish Agarwalआयकर अपील संसंसंसं/Ita No.460/Ctk/2019 (िनधा"रण िनधा"रण वष" वष" / Assessment : 2008-2009) िनधा"रण िनधा"रण वष" वष" Acit, Balasore Circle, Balasore Vs Mr. Biirat Chandra Dagara, Rairangpur, Mayurbhanj Pan No. :Aecpd 7343 D & आयकर अपील संसंसंसं/Ita Nos.461, 386 & 387/Ctk/2019 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / A.Yrs. : 2008-2009, 2009-2010 & 2010-2011) वष" Acit, Balasore Circle, Balasore Vs M/S Nabbadurga Minerals, Rairangpur, Mayurbhanj Pan No. :Aaabfn 8099 H & आयकर अपील संसंसंसं/Ita Nos.111 & 112/Ctk/2020 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / A.Yrs. : 2009-2010 & 2010-2011) वष" M/S Nabadurga Minerals, Vs Acit, Circle, Balasore Rairangpur, Mayurbhanj Pan No. :Aabfn 8099 H (अपीलाथ" अपीलाथ" /Appellant) (""यथ" ""यथ" / Respondent) अपीलाथ" अपीलाथ" ""यथ" ""यथ" .. राज"व राज"व क" राज"व राज"व क" क" ओर क" ओर ओर सेसेसेसे /Revenue By ओर : Shri Sanjay Kumar, Cit-Dr िनधा"रती िनधा"रती क" िनधा"रती िनधा"रती क" क" ओर क" ओर ओर सेसेसेसे /Assessee By ओर : Shri P.K.Mishra, Advocate सुनवाई क" तारीख / Date Of Hearing : 19/09/2024 घोषणा क" तारीख/Date Of Pronouncement : 19/09/2024 आदेश आदेश / O R D E R आदेश आदेश Per Bench : These Are The Appeals Filed By The Revenue As Well As Assessee Against The Separate Orders Of The Ld. Cit(A), Cuttack, Dated 30.08.2019 & 30.09.2019, For The Assessment Years 2008-2009, 2009-2010 & 2010- 2011, Respectively. 2. First We Shall Take Up The Appeal Of The Revenue In Ita No.460/Ctk/2019 In The Case Of Birat Chandra Dagara For The Assessment Year 2008-2009, Wherein The Revenue Has Initially Has Taken Certain & Ita Nos.111&112/Ctk/2020

section 147/148 of Income Tax Act. 61. For all the above reasons, we hold that the impugned reopening notices and the orders passed rejecting the objection needs interference and are required to be quashed and set aside. Accordingly, we allow the Petitions by quashing and setting aside the notices as well as the orders rejecting objections field by the petitioners

M/S. NABADURGA MINERALS ,RAIRANGPUR vs. ACIT, CIRCLE, BALASORE

In the result, appeals of the revenue in ITA No

Bench: Shri George Mathan & Shri Manish Agarwalआयकर अपील संसंसंसं/Ita No.460/Ctk/2019 (िनधा"रण िनधा"रण वष" वष" / Assessment : 2008-2009) िनधा"रण िनधा"रण वष" वष" Acit, Balasore Circle, Balasore Vs Mr. Biirat Chandra Dagara, Rairangpur, Mayurbhanj Pan No. :Aecpd 7343 D & आयकर अपील संसंसंसं/Ita Nos.461, 386 & 387/Ctk/2019 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / A.Yrs. : 2008-2009, 2009-2010 & 2010-2011) वष" Acit, Balasore Circle, Balasore Vs M/S Nabbadurga Minerals, Rairangpur, Mayurbhanj Pan No. :Aaabfn 8099 H & आयकर अपील संसंसंसं/Ita Nos.111 & 112/Ctk/2020 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / A.Yrs. : 2009-2010 & 2010-2011) वष" M/S Nabadurga Minerals, Vs Acit, Circle, Balasore Rairangpur, Mayurbhanj Pan No. :Aabfn 8099 H (अपीलाथ" अपीलाथ" /Appellant) (""यथ" ""यथ" / Respondent) अपीलाथ" अपीलाथ" ""यथ" ""यथ" .. राज"व राज"व क" राज"व राज"व क" क" ओर क" ओर ओर सेसेसेसे /Revenue By ओर : Shri Sanjay Kumar, Cit-Dr िनधा"रती िनधा"रती क" िनधा"रती िनधा"रती क" क" ओर क" ओर ओर सेसेसेसे /Assessee By ओर : Shri P.K.Mishra, Advocate सुनवाई क" तारीख / Date Of Hearing : 19/09/2024 घोषणा क" तारीख/Date Of Pronouncement : 19/09/2024 आदेश आदेश / O R D E R आदेश आदेश Per Bench : These Are The Appeals Filed By The Revenue As Well As Assessee Against The Separate Orders Of The Ld. Cit(A), Cuttack, Dated 30.08.2019 & 30.09.2019, For The Assessment Years 2008-2009, 2009-2010 & 2010- 2011, Respectively. 2. First We Shall Take Up The Appeal Of The Revenue In Ita No.460/Ctk/2019 In The Case Of Birat Chandra Dagara For The Assessment Year 2008-2009, Wherein The Revenue Has Initially Has Taken Certain & Ita Nos.111&112/Ctk/2020

section 147/148 of Income Tax Act. 61. For all the above reasons, we hold that the impugned reopening notices and the orders passed rejecting the objection needs interference and are required to be quashed and set aside. Accordingly, we allow the Petitions by quashing and setting aside the notices as well as the orders rejecting objections field by the petitioners

ACIT, BALASORE CIRCLE, BALASORE vs. MR. BIRAT CHANDRA DAGARA, RAIRANGPUR

In the result, appeals of the revenue in ITA No

Bench: Shri George Mathan & Shri Manish Agarwalआयकर अपील संसंसंसं/Ita No.460/Ctk/2019 (िनधा"रण िनधा"रण वष" वष" / Assessment : 2008-2009) िनधा"रण िनधा"रण वष" वष" Acit, Balasore Circle, Balasore Vs Mr. Biirat Chandra Dagara, Rairangpur, Mayurbhanj Pan No. :Aecpd 7343 D & आयकर अपील संसंसंसं/Ita Nos.461, 386 & 387/Ctk/2019 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / A.Yrs. : 2008-2009, 2009-2010 & 2010-2011) वष" Acit, Balasore Circle, Balasore Vs M/S Nabbadurga Minerals, Rairangpur, Mayurbhanj Pan No. :Aaabfn 8099 H & आयकर अपील संसंसंसं/Ita Nos.111 & 112/Ctk/2020 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / A.Yrs. : 2009-2010 & 2010-2011) वष" M/S Nabadurga Minerals, Vs Acit, Circle, Balasore Rairangpur, Mayurbhanj Pan No. :Aabfn 8099 H (अपीलाथ" अपीलाथ" /Appellant) (""यथ" ""यथ" / Respondent) अपीलाथ" अपीलाथ" ""यथ" ""यथ" .. राज"व राज"व क" राज"व राज"व क" क" ओर क" ओर ओर सेसेसेसे /Revenue By ओर : Shri Sanjay Kumar, Cit-Dr िनधा"रती िनधा"रती क" िनधा"रती िनधा"रती क" क" ओर क" ओर ओर सेसेसेसे /Assessee By ओर : Shri P.K.Mishra, Advocate सुनवाई क" तारीख / Date Of Hearing : 19/09/2024 घोषणा क" तारीख/Date Of Pronouncement : 19/09/2024 आदेश आदेश / O R D E R आदेश आदेश Per Bench : These Are The Appeals Filed By The Revenue As Well As Assessee Against The Separate Orders Of The Ld. Cit(A), Cuttack, Dated 30.08.2019 & 30.09.2019, For The Assessment Years 2008-2009, 2009-2010 & 2010- 2011, Respectively. 2. First We Shall Take Up The Appeal Of The Revenue In Ita No.460/Ctk/2019 In The Case Of Birat Chandra Dagara For The Assessment Year 2008-2009, Wherein The Revenue Has Initially Has Taken Certain & Ita Nos.111&112/Ctk/2020

section 147/148 of Income Tax Act. 61. For all the above reasons, we hold that the impugned reopening notices and the orders passed rejecting the objection needs interference and are required to be quashed and set aside. Accordingly, we allow the Petitions by quashing and setting aside the notices as well as the orders rejecting objections field by the petitioners

ACIT, BALESORE CIRCLE, BALESWAR vs. M/S. NABADURGA MINERALS , RAIRANGPUR

In the result, appeals of the revenue in ITA No

Bench: Shri George Mathan & Shri Manish Agarwalआयकर अपील संसंसंसं/Ita No.460/Ctk/2019 (िनधा"रण िनधा"रण वष" वष" / Assessment : 2008-2009) िनधा"रण िनधा"रण वष" वष" Acit, Balasore Circle, Balasore Vs Mr. Biirat Chandra Dagara, Rairangpur, Mayurbhanj Pan No. :Aecpd 7343 D & आयकर अपील संसंसंसं/Ita Nos.461, 386 & 387/Ctk/2019 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / A.Yrs. : 2008-2009, 2009-2010 & 2010-2011) वष" Acit, Balasore Circle, Balasore Vs M/S Nabbadurga Minerals, Rairangpur, Mayurbhanj Pan No. :Aaabfn 8099 H & आयकर अपील संसंसंसं/Ita Nos.111 & 112/Ctk/2020 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / A.Yrs. : 2009-2010 & 2010-2011) वष" M/S Nabadurga Minerals, Vs Acit, Circle, Balasore Rairangpur, Mayurbhanj Pan No. :Aabfn 8099 H (अपीलाथ" अपीलाथ" /Appellant) (""यथ" ""यथ" / Respondent) अपीलाथ" अपीलाथ" ""यथ" ""यथ" .. राज"व राज"व क" राज"व राज"व क" क" ओर क" ओर ओर सेसेसेसे /Revenue By ओर : Shri Sanjay Kumar, Cit-Dr िनधा"रती िनधा"रती क" िनधा"रती िनधा"रती क" क" ओर क" ओर ओर सेसेसेसे /Assessee By ओर : Shri P.K.Mishra, Advocate सुनवाई क" तारीख / Date Of Hearing : 19/09/2024 घोषणा क" तारीख/Date Of Pronouncement : 19/09/2024 आदेश आदेश / O R D E R आदेश आदेश Per Bench : These Are The Appeals Filed By The Revenue As Well As Assessee Against The Separate Orders Of The Ld. Cit(A), Cuttack, Dated 30.08.2019 & 30.09.2019, For The Assessment Years 2008-2009, 2009-2010 & 2010- 2011, Respectively. 2. First We Shall Take Up The Appeal Of The Revenue In Ita No.460/Ctk/2019 In The Case Of Birat Chandra Dagara For The Assessment Year 2008-2009, Wherein The Revenue Has Initially Has Taken Certain & Ita Nos.111&112/Ctk/2020

section 147/148 of Income Tax Act. 61. For all the above reasons, we hold that the impugned reopening notices and the orders passed rejecting the objection needs interference and are required to be quashed and set aside. Accordingly, we allow the Petitions by quashing and setting aside the notices as well as the orders rejecting objections field by the petitioners

ACIT, BALESORE CIRCLE, BALESWAR vs. M/S. NABADURGA MINERALS , RAIRANGPUR

In the result, appeals of the revenue in ITA No

Bench: Shri George Mathan & Shri Manish Agarwalआयकर अपील संसंसंसं/Ita No.460/Ctk/2019 (िनधा"रण िनधा"रण वष" वष" / Assessment : 2008-2009) िनधा"रण िनधा"रण वष" वष" Acit, Balasore Circle, Balasore Vs Mr. Biirat Chandra Dagara, Rairangpur, Mayurbhanj Pan No. :Aecpd 7343 D & आयकर अपील संसंसंसं/Ita Nos.461, 386 & 387/Ctk/2019 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / A.Yrs. : 2008-2009, 2009-2010 & 2010-2011) वष" Acit, Balasore Circle, Balasore Vs M/S Nabbadurga Minerals, Rairangpur, Mayurbhanj Pan No. :Aaabfn 8099 H & आयकर अपील संसंसंसं/Ita Nos.111 & 112/Ctk/2020 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / A.Yrs. : 2009-2010 & 2010-2011) वष" M/S Nabadurga Minerals, Vs Acit, Circle, Balasore Rairangpur, Mayurbhanj Pan No. :Aabfn 8099 H (अपीलाथ" अपीलाथ" /Appellant) (""यथ" ""यथ" / Respondent) अपीलाथ" अपीलाथ" ""यथ" ""यथ" .. राज"व राज"व क" राज"व राज"व क" क" ओर क" ओर ओर सेसेसेसे /Revenue By ओर : Shri Sanjay Kumar, Cit-Dr िनधा"रती िनधा"रती क" िनधा"रती िनधा"रती क" क" ओर क" ओर ओर सेसेसेसे /Assessee By ओर : Shri P.K.Mishra, Advocate सुनवाई क" तारीख / Date Of Hearing : 19/09/2024 घोषणा क" तारीख/Date Of Pronouncement : 19/09/2024 आदेश आदेश / O R D E R आदेश आदेश Per Bench : These Are The Appeals Filed By The Revenue As Well As Assessee Against The Separate Orders Of The Ld. Cit(A), Cuttack, Dated 30.08.2019 & 30.09.2019, For The Assessment Years 2008-2009, 2009-2010 & 2010- 2011, Respectively. 2. First We Shall Take Up The Appeal Of The Revenue In Ita No.460/Ctk/2019 In The Case Of Birat Chandra Dagara For The Assessment Year 2008-2009, Wherein The Revenue Has Initially Has Taken Certain & Ita Nos.111&112/Ctk/2020

section 147/148 of Income Tax Act. 61. For all the above reasons, we hold that the impugned reopening notices and the orders passed rejecting the objection needs interference and are required to be quashed and set aside. Accordingly, we allow the Petitions by quashing and setting aside the notices as well as the orders rejecting objections field by the petitioners

ACIT, BALASORE CIRCLE, BALASORE vs. M/S. NABADURGA MINERALS, RAIRANGPUR

In the result, appeals of the revenue in ITA No

Bench: Shri George Mathan & Shri Manish Agarwalआयकर अपील संसंसंसं/Ita No.460/Ctk/2019 (िनधा"रण िनधा"रण वष" वष" / Assessment : 2008-2009) िनधा"रण िनधा"रण वष" वष" Acit, Balasore Circle, Balasore Vs Mr. Biirat Chandra Dagara, Rairangpur, Mayurbhanj Pan No. :Aecpd 7343 D & आयकर अपील संसंसंसं/Ita Nos.461, 386 & 387/Ctk/2019 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / A.Yrs. : 2008-2009, 2009-2010 & 2010-2011) वष" Acit, Balasore Circle, Balasore Vs M/S Nabbadurga Minerals, Rairangpur, Mayurbhanj Pan No. :Aaabfn 8099 H & आयकर अपील संसंसंसं/Ita Nos.111 & 112/Ctk/2020 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / A.Yrs. : 2009-2010 & 2010-2011) वष" M/S Nabadurga Minerals, Vs Acit, Circle, Balasore Rairangpur, Mayurbhanj Pan No. :Aabfn 8099 H (अपीलाथ" अपीलाथ" /Appellant) (""यथ" ""यथ" / Respondent) अपीलाथ" अपीलाथ" ""यथ" ""यथ" .. राज"व राज"व क" राज"व राज"व क" क" ओर क" ओर ओर सेसेसेसे /Revenue By ओर : Shri Sanjay Kumar, Cit-Dr िनधा"रती िनधा"रती क" िनधा"रती िनधा"रती क" क" ओर क" ओर ओर सेसेसेसे /Assessee By ओर : Shri P.K.Mishra, Advocate सुनवाई क" तारीख / Date Of Hearing : 19/09/2024 घोषणा क" तारीख/Date Of Pronouncement : 19/09/2024 आदेश आदेश / O R D E R आदेश आदेश Per Bench : These Are The Appeals Filed By The Revenue As Well As Assessee Against The Separate Orders Of The Ld. Cit(A), Cuttack, Dated 30.08.2019 & 30.09.2019, For The Assessment Years 2008-2009, 2009-2010 & 2010- 2011, Respectively. 2. First We Shall Take Up The Appeal Of The Revenue In Ita No.460/Ctk/2019 In The Case Of Birat Chandra Dagara For The Assessment Year 2008-2009, Wherein The Revenue Has Initially Has Taken Certain & Ita Nos.111&112/Ctk/2020

section 147/148 of Income Tax Act. 61. For all the above reasons, we hold that the impugned reopening notices and the orders passed rejecting the objection needs interference and are required to be quashed and set aside. Accordingly, we allow the Petitions by quashing and setting aside the notices as well as the orders rejecting objections field by the petitioners

DCIT CENTRAL CIRCLE-2, BHUBANESWAR vs. M/S. HOTEL SUKHAMAYA PVT. LTD, BHUBANESWAR

In the result, all the three appeals of the Revenue are dismissed

price and credited to the said fund were first liable to be used in adjusting the losses of the respondent society in the working year; thereafter in the repayment of initial loan from the Industrial Finance Corporation of India and then for redeeming the Government share and only in the event of any balance being left, it was liable

DCIT CENTRAL CIRCLE-2, BHUBANESWAR vs. M/S. HOTEL SUKHAMAYA PVT. LTD, BHUBANESWAR

In the result, all the three appeals of the Revenue are dismissed

price and credited to the said fund were first liable to be used in adjusting the losses of the respondent society in the working year; thereafter in the repayment of initial loan from the Industrial Finance Corporation of India and then for redeeming the Government share and only in the event of any balance being left, it was liable

SATISH KUMAR GARG,ROURKELA vs. ITO WARD-5, ROURKELA

In the result, appeal of assessee stands allowed

Bench: Before Shri George Mathanmember Assessment Year : 2014-15 Satish Satish Kumar Kumar Vs. Income Tax Officer, Ward-5, Income Tax Officer, Ward Garg,Gurudwara Road, Near Garg,Gurudwara Road, Near Aayakar Bhavan, Uditnagar, Aayakar Bhavan, Uditnagar, Gurudwara, Rourkela Gurudwara, Rourkela Rourkela Pan/Gir No. . (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri P.R.Mohanty, Adv : Shri P.R.Mohanty, Adv Revenue By : Shri S.C.Mohanty, Ld Sr Dr , Ld Sr Dr Date Of Hearing : 25/09/20 2024 Date Of Pronouncement : 25/09/2 2024 O R D E R This Is An Appeal Filed By The Revenue An Appeal Filed By The Revenue Against The Order Of The Ld Inst The Order Of The Ld Cit(A), Cit(A), Nfac, Nfac, Delhi Delhi Dated 26.12.2022 In Appeal No.Cit(A),Sambalpur/10380/2016 Sambalpur/10380/2016-17 For The Assessment Year 2014 Assessment Year 2014-15. 2. Shri P.R.Mohanty, Ld Ar Appeared For The Assessee & Shri Shri P.R.Mohanty, Ld Ar Appeared For The Assessee & Shri Shri P.R.Mohanty, Ld Ar Appeared For The Assessee & Shri S.C.Mohanty, Ld Sr Dr Appeared For The Revenue. S.C.Mohanty, Ld Sr Dr Appeared For The Revenue.

27,627.12 and same was sold at Rs.11,07,865.24 thereby generating long term profit of Rs.8,80,244.01, which the assessee has claimed exempt. It was the submission that the Assessing Officer treated the purchase and sale of the shares of NCL Research & Financial Services Ltd., as bogus P a g e 2 | 13 Assessment Year : 2014-15 transaction

PRAKASH AGARWAL,ROURKELA vs. INCOME TAX OFFICER, KEONJHAR

In the result, appeal of assessee stands allowed

Bench: Before Shri George Mathanmember Assessment Year : 2014-15 Satish Satish Kumar Kumar Vs. Income Tax Officer, Ward-5, Income Tax Officer, Ward Garg,Gurudwara Road, Near Garg,Gurudwara Road, Near Aayakar Bhavan, Uditnagar, Aayakar Bhavan, Uditnagar, Gurudwara, Rourkela Gurudwara, Rourkela Rourkela Pan/Gir No. . (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri P.R.Mohanty, Adv : Shri P.R.Mohanty, Adv Revenue By : Shri S.C.Mohanty, Ld Sr Dr , Ld Sr Dr Date Of Hearing : 25/09/20 2024 Date Of Pronouncement : 25/09/2 2024 O R D E R This Is An Appeal Filed By The Revenue An Appeal Filed By The Revenue Against The Order Of The Ld Inst The Order Of The Ld Cit(A), Cit(A), Nfac, Nfac, Delhi Delhi Dated 26.12.2024 In Appeal No.Cit(A),Sambalpur/10380/2016 Sambalpur/10380/2016-17 For The Assessment Year 2014 Assessment Year 2014-15. 2. Shri P.R.Mohanty, Ld Ar Appeared For The Assessee & Shri Shri P.R.Mohanty, Ld Ar Appeared For The Assessee & Shri Shri P.R.Mohanty, Ld Ar Appeared For The Assessee & Shri S.C.Mohanty, Ld Sr Dr Appeared For The Revenue. S.C.Mohanty, Ld Sr Dr Appeared For The Revenue.

27,627.12 and same was sold at Rs.11,07,865.24 thereby generating long term profit of Rs.8,80,244.01, which the assessee has claimed exempt. It was the submission that the Assessing Officer treated the purchase and sale of the shares of NCL Research & Financial Services Ltd., as bogus P a g e 2 | 13 Assessment Year : 2014-15 transaction