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10 results for “capital gains”+ Section 35(2)clear

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Key Topics

Section 26315Section 143(3)8Section 1477Deduction6Section 80P(4)5Section 50C5Section 253(1)4Section 80P4Disallowance4Addition to Income

BANDEKAR BROTHERS PRIVATE LIMITED,VASCO-DA-GAMA, GOA vs. ASSISTANT COMMISSIONER OF INCOME TAX, PANAJI, GOA

The appeal of the assessee is PARTLY ALLOWED in aforestated terms

ITA 38/PAN/2025[2013-14]Status: DisposedITAT Panaji11 Feb 2026AY 2013-14

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliassessment Years: 2013-14 Bandekar Brothers Pvt. Ltd. Post Box No. 11, Suvarna Bandekar Bldg., Swatantra Path, Vasco-Da-Gama Goa-403802 Pan: Aaacb5502B . . . . . . . Appellant V/S Asstt. Commissioner Of Income Tax, Circle-2(1), Panaji, Goa. . . . . . . . Respondent Represented Assessee By: Mr Pramod & Mr Shriniwas Deshpande [‘Ld. Ar’] Revenue By: Mr M Satish & Mr Renga Rajan [‘Ld. Dr’] Date Of Conclusive Hearing : 12/01/2026 Date Of Pronouncement : 11/02/2026 Order Per G. D. Padmahshali; This Assessee’S Appeal Filed U/S 253(1) Of The Income-

For Appellant: Mr Pramod & Mr Shriniwas Deshpande [‘Ld. AR’]For Respondent: Mr M Satish & Mr Renga Rajan [‘Ld. DR’]
Section 143(1)Section 143(2)Section 143(3)Section 14ASection 2(14)Section 246A
4
Section 2503
Revision u/s 2633
Section 250
Section 253(1)
Section 37(1)

gain tax. 20. In context of renewal giving rise to capital asset, we note that, considering former judicial precedents their Hon’ble lordships in ‘Rajendra Mining Syndicate Vs CIT’ [1961, 43 ITR 460 (AP)] have also echoed that, renewal of mining-lease endows enduring benefit for a term and confers various rights hence is not a commodity but an asset

THE BRAHMALING MULTIPURPOSE CO-OP SOCIETY LTD,BELGAUM vs. INCOME TAX OFFICER, WARD -3, BELGAUM

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

ITA 254/PAN/2025[2017-18]Status: DisposedITAT Panaji22 Dec 2025AY 2017-18

Bench: SHRI PAVAN KUMAR GADALE (Judicial Member)

Section 80PSection 80P(2)(a)Section 80P(2)(d)

35,840/- and passed the order u/sec 143(3) of the Act dated 19.11.2019. 3. Aggrieved by the order, the assessee has filed an appeal before the CIT(A), whereas the CIT(A) has considered the grounds of appeal, statement of facts and findings of the AO and has issued notices of hearing and the assessee has filed the details

M/S R. S. SHETYE & BROS,PANAJI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE -1(1), PANAJI

In the result, the appeal filed by the assessee is partly allowed

ITA 37/PAN/2023[2016-17]Status: DisposedITAT Panaji27 Feb 2026AY 2016-17

Bench: Shri Pavan Kumar Gadale & Shri G D Padmahshalii T A. No.37/Pan/2023 (A.Y.2016-17) R.S.Shetye & Bros, Vs Acit 1(1), Flat.No.14, 1 St Floor, Aaykar Bhavan, . Trionara Apartments, Edc, Patto, New Muncipal Market, Panjim Panaji- Goa-403001. Goa-403001. Pan .No.Aabfr9785N (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent)

Section 3

gain tax. 20. In context of renewal giving rise to capital asset, we note that, considering former judicial precedents their Hon’ble lordships in ‘Rajendra Mining Syndicate Vs CIT’ [1961, 43 ITR 460 (AP)] have also echoed that, renewal of mining-lease endows enduring benefit for a term and confers various rights hence is not a commodity but an asset

M/S SHIRAGAO PRATHAMIK KRISHI PATTIN SAHAKARI BANK NIYAMIT,BELAGAVI vs. INCOME TAX OFFICER, WARD - 1(3), BELAGAVI

The appeals of the assessee are allowed

ITA 8/PAN/2019[2012-13]Status: DisposedITAT Panaji25 Jan 2023AY 2012-13

Bench: Shri Satbeer Singh Godara

For Appellant: Shri S. Gadadi, C.AFor Respondent: Shri N. Shrikant
Section 143(3)Section 80PSection 80P(2)(d)Section 80P(4)

35,731/- representing interest income derived from fixed deposits made with M/s. Belgavi District Cooperative Credit Bank, Belagavi for the reason that such receipts from cooperative societies is not eligible for the foregoing relief. 5. I have given my thoughtful consideration to vehement rival contentions and find no merit in the Revenue’s stand in the light of this Tribunal

MAHENDRA PURUSHOTTAM NAIK GAUNEKAR,PANAJI vs. INCOME TAX OFFICER, PANAJI

Accordingly. The ground thus stands allowed

ITA 12/PAN/2024[2016-17]Status: DisposedITAT Panaji01 Jul 2025AY 2016-17

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

For Appellant: Mr Rahul Sarda [‘Ld. AR’]For Respondent: Mr Capt. Pradeep Arya [‘Ld. DR’]
Section 143(2)Section 147Section 148Section 250Section 253(1)Section 50CSection 50C(1)

capital gain of ₹2,93,33,256/- to tax as undisclosed income vide an assessment order dt. 29/09/2021 framed u/s 147 of the Act. ITAT-Panaji Page 2 of 16 Mahendra Purushottam Naik Gaunekar Vs ITO ITA No.: 012/PAN/2024 AY: 2016-17 4. Aggrieved by aforestated assessment the assessee filed an appeal before Ld. NFAC on 20/10/2021, which came

GUALA CLOSURES (INDIA) PVT. LTD.,PANAJI vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX, PANAJI., SELECT CITY

Appeal is dismissed in above terms

ITA 205/PAN/2019[2012-13]Status: DisposedITAT Panaji13 Oct 2023AY 2012-13

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

For Appellant: Shri Ketan VedFor Respondent: Shri P.S. Shivshankar, CIT-DR
Section 143(3)Section 144(3)Section 144CSection 253Section 263Section 4

capital or revenue. The 'once for all' payment test is also inconclusive. What is relevant is the purpose of the outlay and its intended object and effect, considered in a commonsense way having regard to the business realities." (p. 379) 8 ITA.No.205/PAN./2019 In the case of this assessee, it is found that the claim of expenses under

THE SHIRODA PROGRESSIVE URBAN MULTIPURPOSE COOPERATIVE SOCIETY LIMITED,PONDA vs. INCOME TAX OFFICER, PANAJI

In the result, the two appeals filed by the assessee are allowed for statistical purposes

ITA 273/PAN/2025[2020-21]Status: DisposedITAT Panaji23 Dec 2025AY 2020-21

Bench: Shri Pavan Kumar Gadalei T A. Nos.272 & 273/Pan/2025 (A.Y. 2018-19 & 2020-21 ) The Shiroda Progressive Urban Vs I T O, Multipurpose Cooperative National E Assessment . Society Limited, Centre, Shop.No.4, Opp: Police Station, Delhi. Shiroda Bhat, Ponda-403103.Goa Pan .No. Aabat7206P (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent)

Section 80P(2)(a)

35,940/- and passed the order u/sec143(3) r.w.s143(3A)&143(3B) of the Act dated 05.4.2021. 5. Aggrieved by the order u/sec 143(3) of the Act, the assessee has filed an appeal before the CIT(A), whereas the CIT(A) has considered the grounds of appeal, submissions of the assessee and findings

THE SHIRODA PROGRESSIVE URBAN MULTIPURPOSE COOPERATIVE SOCIETY LIMITED,PONDA vs. INCOME TAX OFFICER, PANAJI

In the result, the two appeals filed by the assessee are allowed for statistical purposes

ITA 272/PAN/2025[2018-19]Status: DisposedITAT Panaji23 Dec 2025AY 2018-19

Bench: Shri Pavan Kumar Gadalei T A. Nos.272 & 273/Pan/2025 (A.Y. 2018-19 & 2020-21 ) The Shiroda Progressive Urban Vs I T O, Multipurpose Cooperative National E Assessment . Society Limited, Centre, Shop.No.4, Opp: Police Station, Delhi. Shiroda Bhat, Ponda-403103.Goa Pan .No. Aabat7206P (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent)

Section 80P(2)(a)

35,940/- and passed the order u/sec143(3) r.w.s143(3A)&143(3B) of the Act dated 05.4.2021. 5. Aggrieved by the order u/sec 143(3) of the Act, the assessee has filed an appeal before the CIT(A), whereas the CIT(A) has considered the grounds of appeal, submissions of the assessee and findings

SONALI MAHENDRA NAIK GAUNEKAR,PANAJI vs. INCOME TAX OFFICER, WARD - 1(1), PANAJI

The appeal of the assessee is partly allowed for statistical purpose

ITA 313/PAN/2025[2016-17]Status: DisposedITAT Panaji28 Oct 2025AY 2016-17

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

For Appellant: Mr Rahul Sarda [‘Ld. AR’]For Respondent: Mr Renga Rajan [‘Ld. DR’]
Section 147Section 148Section 250Section 253(1)Section 263Section 50C

capital gain of ₹2,93,33,256/- to tax as undisclosed income vide an assessment order dt. 29/09/2021 framed u/s 147 of the Act. Subsequently, the Ld. PCIT invoked the provisions of section 263 and by order dt. 19/04/2024 set-aside the former order for fresh assessment for Ld. AO’s failure to conduct inquiry. ITAT-Panaji Page 2

M/S SOVA,PANAJI vs. PR. COMMISSIONER OF INCOME TAX, PANAJI

The appeal of the assessee is PARTLY ALLOWED in aforestated terms

ITA 24/PAN/2024[2018-19]Status: DisposedITAT Panaji10 Mar 2026AY 2018-19

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliassessment Years: 2018-19 M/S Sova Salgaocar Bhavan, Altinho, Panaji, Goa-403001. Pan: Aacfs8862Q . . . . . . . Appellant V/S Pr. Commissioner Of Income Tax, Panaji, Goa. . . . . . . . Respondent

For Appellant: Mr Sukhsagar Syal [‘Ld. AR’]For Respondent: Mr M Satish [‘Ld. DR’]
Section 143(2)Section 143(3)Section 253(1)Section 263Section 56

gain of business ITAT-Panaji Page 2 of 20 M/s Sova Vs PCIT ITA No. 024/PAN/2024 AY: 2018-19 profession [‘PGBP’] were disallowed and (ii) receipt/credit representing (a) reimbursement of extraction cost incurred ₹4,42,48,443/-, (b) credit balances written off ₹14,03,127/-, (c) interest on bank deposits ₹16,39,202/- & (d) interest on tax-refund