Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliita Nos. 114/Pan/2023 Assessment Year : 2010-11 Vgm Export Suvarn Bandekar Building, Swatantra Path, Vasco, Goa Pan : Aaafv6197P . . . . . . . Applicant V/S Joint Commissioner Of Income Tax, Margao Range, Margao. . . . . . . . Respondent Appearances Assessee By : Mr P B Deshpande [‘Ld. Ar’] Revenue By : Mr Ravindra Hattalli [‘Ld. Dr’] सुनवाई की तारीख / Date Of Conclusive Hearing : 20/02/2025 घोषणा की तारीख / Date Of Pronouncement : 25/02/2025

gains ITAT-Panaji Page 5 of 16 VGM Export Vs JCIT, Margao ITA Nos.114/PAN/2023 AY: 2010-11 arising upon conversion are treated as revenue income and conversely all losses are deductible as business revenue expenditure in accordance with income computation & disclosure standards [‘ICDS’ hereinafter] notified u/s 145(2) of the Act. To reinforce assessee’s entitlement for deduction of exchange