Hey !

No , the cutoff marks and the normalized marks are not same. There is a big difference between them . The cutoff marks are your actual scores that you have got in exam but the normalized scores are calculated from your actual scores by usjng an appropriate formula. The normalized score for TANCET MBA is calculated using the formula 

40+ (10/S)(R-M)

where S is standard deviation i.e. variation of a student's score from  average score , R is raw marks (total marks obtained in three sections or the actual scores) , and M is mean marks ( total marks obtained in three sectiobs divided by 3).

Hope your doubt is clear now!

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