GOA STATE INFRASTRUCTURE DEVLOPMENT CORPORATION LIMITED.,PANAJI vs. INCOME TAX OFFICER, WARD-1(1), , PANAJI

In the result, both the appeal of assessee and the revenue are dismissed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawalassessment Year: 2014-15 Goa State Infrastructure Income Tax Officer, Ward- Development Corporation 1(1), Panaji – Goa 403 001. Ltd. Vs. 7Th Floor, Edc House, Dr. A. B. Road, Panaji, Goa 403001 (Pan: Blrgo3663C) (Appellant) (Respondent) & Assessment Year: 2014-15 Deputy Commissioner Of Goa State Infrastructure Income-Tax, Circle-1(1), Vs. Development Corporation Panaji, Goa Ltd., Panaji . (Appellant) (Respondent) Present For: Assessee By : Shri Jitendra Jain, Ar Department By : Shri Mayur Kamble, Sr. Dr Date Of Hearing : 15.06.2022 Date Of Pronouncement : 02.09.2022 O R D E R Per Girish Agrawal: Both These Cross Appeals Preferred By The Assessee & The Revenue Are Directed Against The Order Of Ld. Cit(A)-2, Panaji Vide Ita No. 143/Cit(A)-2/Pnj/2017-18 & Ita No. 42/Cit(A)-1/Pnj/2017-18 Dated 27.09.2018 For A.Y. 2014-15 Passed Against The Assessment Order U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) By Ito, Ward-1(1), Panaji-Goa Dated 19.12.2016. 2. Shri Jitendra Jain, Ar Appeared On Behalf Of The Assessee & Shri Mayur Kamble, Sr. Dr Appeared On Behalf Of The Revenue. M/S. Goa State Infrastructure Development Corporation Ltd. A.Y: 2015-16 3. The Only Issue Involved In These Two Cross Appeals Is In Relation To Disallowance Of Deduction Of Rs.3,37,35,560/- Claimed By The Assessee U/S. 80Ia Of The Act. The Assessee Is In Appeal In Respect Of Disallowance Of An Amount Of Rs.23,97,310/- & The Department Is In Appeal In Respect Of Relief Granted By The Ld. Cit(A) For Allowance Of Rs.3,13,38,250/-, Both Comprising The Total Claim Of Rs.3,37,35,560/-.

capital contributed by the Government, loans from financial institutions and banks. 4.7. It was also pointed out that Ld. AO was totally wrong in considering the loans taken by the assessee from M/s. EDC Ltd. as an agency of the Government. The correct fact in this respect is that M/s. EDC Ltd. is a financial institution operating

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - (1), PANAJI vs. M/S GOA STATE INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED , PANAJI

In the result, both the appeal of assessee and the revenue are dismissed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawalassessment Year: 2014-15 Goa State Infrastructure Income Tax Officer, Ward- Development Corporation 1(1), Panaji – Goa 403 001. Ltd. Vs. 7Th Floor, Edc House, Dr. A. B. Road, Panaji, Goa 403001 (Pan: Blrgo3663C) (Appellant) (Respondent) & Assessment Year: 2014-15 Deputy Commissioner Of Goa State Infrastructure Income-Tax, Circle-1(1), Vs. Development Corporation Panaji, Goa Ltd., Panaji . (Appellant) (Respondent) Present For: Assessee By : Shri Jitendra Jain, Ar Department By : Shri Mayur Kamble, Sr. Dr Date Of Hearing : 15.06.2022 Date Of Pronouncement : 02.09.2022 O R D E R Per Girish Agrawal: Both These Cross Appeals Preferred By The Assessee & The Revenue Are Directed Against The Order Of Ld. Cit(A)-2, Panaji Vide Ita No. 143/Cit(A)-2/Pnj/2017-18 & Ita No. 42/Cit(A)-1/Pnj/2017-18 Dated 27.09.2018 For A.Y. 2014-15 Passed Against The Assessment Order U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) By Ito, Ward-1(1), Panaji-Goa Dated 19.12.2016. 2. Shri Jitendra Jain, Ar Appeared On Behalf Of The Assessee & Shri Mayur Kamble, Sr. Dr Appeared On Behalf Of The Revenue. M/S. Goa State Infrastructure Development Corporation Ltd. A.Y: 2015-16 3. The Only Issue Involved In These Two Cross Appeals Is In Relation To Disallowance Of Deduction Of Rs.3,37,35,560/- Claimed By The Assessee U/S. 80Ia Of The Act. The Assessee Is In Appeal In Respect Of Disallowance Of An Amount Of Rs.23,97,310/- & The Department Is In Appeal In Respect Of Relief Granted By The Ld. Cit(A) For Allowance Of Rs.3,13,38,250/-, Both Comprising The Total Claim Of Rs.3,37,35,560/-.

capital contributed by the Government, loans from financial institutions and banks. 4.7. It was also pointed out that Ld. AO was totally wrong in considering the loans taken by the assessee from M/s. EDC Ltd. as an agency of the Government. The correct fact in this respect is that M/s. EDC Ltd. is a financial institution operating

VGM EXPORT,VASCO vs. JOINT COMMISSIONER OF INCOME TAX, MARGAO

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

ALICE LOURDES MARTINS,CHINCHINIM vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, PANAJI

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliita Nos. 039/Pan/2025 Assessment Year : 2018-19 Alice Lourdes Martins 404, 1St-Palvem, Chinchinim Salcete, South Goa, Goa Pan : Abkpl2128D . . . . . . . Appellant

120/- towards her 1/10 share in the immovable property known as ‘Cumbeachem Xeta’ transferred to ‘Jaydyn Hospitality’. Upon satisfaction that, said transaction was not disclosed in the return of income filed by the assessee, the Ld. AO vide notice dt. 17/09/2021 initiated re- assessment proceedings u/s 153C of the Act. In the event of non-compliance and effective failure