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

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-

section 2(14) of the Act, fails to pass the former litmus test, therefore dehors the assessee from claiming it u/s 37(1) of the Act. The right of winning minerals acquired through mining- lease is capital asset by nature & character thus also exigible to capital gains

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

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)

37(1) of the Act. The appellant’s claim for deductibility is founded on threefold premises viz; (1) the payment is for lease and is recurring in nature (2) the payment is made in the form of ‘stamp duty’ akin to legal expenditure and (3) renewal of lease did bring no new capital asset into existence for appellant, that

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

Accordingly. The ground thus stands allowed

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

1 to 5 above in the facts and circumstances of the case the Assessing officer erred in invoking the provisions of section 50C of the IT Act for the purpose of taxing artificial capital gains (Long Term) of Rs. 2,93,33,256 being the difference between the stamp duty value of Rs. 14,32,37

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

37(1) of the Act. This claim of the assessee for deduction finds support in the decision of Hon’ble Apex Court rendered in the case of ‘CIT Vs M/s Woodward Governor India Pvt Ltd.’ [2009, 179 Taxman 326 (SC) & 312 ITR 254 (SC)]. 5. To brace the allowability of deduction the Ld. Mr Deshpande further submitted that, it must

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

Appeal is dismissed in above terms

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

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

VARDHAMAN URBAN CO-OP CREDIT SOCIETY LTD,BELGAUM vs. INCOME TAX OFFICER WARD 4 BELGAUM, BELGAUM

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

capital and reserve are 1 lakh or more and thirdly, by laws of the co-operative society do not permit admission of any other co- operative society as a member, it would be regarded to be primary co- operative bank. According to the AO, the primary object and principal business of the assessee was transaction of banking business. Hence

KAIGA PROJECT EMPLOYEES THRIFT AND CREDIT SOCIETY,KARWAR vs. INCOME TAX OFFICER, WARD - 2, KARWAR

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

capital and reserve are 1 lakh or more and thirdly, by laws of the co-operative society do not permit admission of any other co- operative society as a member, it would be regarded to be primary co- operative bank. According to the AO, the primary object and principal business of the assessee was transaction of banking business. Hence

SHRI JAI JINENDRA CREDIT SOUHARDA SAHAKARI LIMITED,BELAGAVI vs. INCOME TAX OFFICER WARD 1 NIPANI, BELAGAVI

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

capital and reserve are 1 lakh or more and thirdly, by laws of the co-operative society do not permit admission of any other co- operative society as a member, it would be regarded to be primary co- operative bank. According to the AO, the primary object and principal business of the assessee was transaction of banking business. Hence

VPK URBAN CO-OPERATIVE CREDIT SOCIETY,MARDOL, PONDA vs. INCOME TAX OFFICER, PANAJI, GOA

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

capital and reserve are 1 lakh or more and thirdly, by laws of the co-operative society do not permit admission of any other co- operative society as a member, it would be regarded to be primary co- operative bank. According to the AO, the primary object and principal business of the assessee was transaction of banking business. Hence

SHREE MAHILA CREDIT SOUHARD SAHAKARI SANGH NIYAMIT,BELAGAVI vs. ITO WARD 1 BELAGAVI, BELAGAVI

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

capital and reserve are 1 lakh or more and thirdly, by laws of the co-operative society do not permit admission of any other co- operative society as a member, it would be regarded to be primary co- operative bank. According to the AO, the primary object and principal business of the assessee was transaction of banking business. Hence

VPK URBAN CO-OPERATIVE CREDIT SOCIETY,MARDOL, PONDA vs. INCOME TAX OFFICER, PANAJI

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

capital and reserve are 1 lakh or more and thirdly, by laws of the co-operative society do not permit admission of any other co- operative society as a member, it would be regarded to be primary co- operative bank. According to the AO, the primary object and principal business of the assessee was transaction of banking business. Hence

SHRI JAI JINENDRA SOUHARDA SAHAKARI SANGH NIYAMIT,BELAGAVI vs. NATIONAL E ASSESSMENT CENTRE, BELAGAVI

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

capital and reserve are 1 lakh or more and thirdly, by laws of the co-operative society do not permit admission of any other co- operative society as a member, it would be regarded to be primary co- operative bank. According to the AO, the primary object and principal business of the assessee was transaction of banking business. Hence

VIVIDODDSHESHA PRATHAMIK GRAMEEN KRUSHI SAHAKARI SANGH NIYAMIT SOUDATTI,SOUDATTI vs. INCOME TAX OFFICER WARD-4, BELGAUM, BELGAUM

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

capital and reserve are 1 lakh or more and thirdly, by laws of the co-operative society do not permit admission of any other co- operative society as a member, it would be regarded to be primary co- operative bank. According to the AO, the primary object and principal business of the assessee was transaction of banking business. Hence

AKSHAYA CO-OPERATIVE CREDIT SOCIETY LIMITED,KARWAR vs. INCOME TAX OFFICER, WARD - 1(1), KARWAR

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

capital and reserve are 1 lakh or more and thirdly, by laws of the co-operative society do not permit admission of any other co- operative society as a member, it would be regarded to be primary co- operative bank. According to the AO, the primary object and principal business of the assessee was transaction of banking business. Hence

SAMARTH URBAN CO-OPERATIVE CREDIT SOCIETY LTD,BELGAUM vs. PR. COMMISSIONER OF INCOME TAX , BELAGAVI

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

capital and reserve are 1 lakh or more and thirdly, by laws of the co-operative society do not permit admission of any other co- operative society as a member, it would be regarded to be primary co- operative bank. According to the AO, the primary object and principal business of the assessee was transaction of banking business. Hence

VPK URBAN CO-OPERATIVE CREDIT SOCIETY,MARDOL, PONDA vs. INCOME TAX OFFICER, PANAJI

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

capital and reserve are 1 lakh or more and thirdly, by laws of the co-operative society do not permit admission of any other co- operative society as a member, it would be regarded to be primary co- operative bank. According to the AO, the primary object and principal business of the assessee was transaction of banking business. Hence

KUMTA ADIKE MARATA SOPUHARDA SAHAKARI SANGH NIYAMIT,KUMTA vs. INCOME TAX OFFICER, WARD - 2, KARWAR

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

capital and reserve are 1 lakh or more and thirdly, by laws of the co-operative society do not permit admission of any other co- operative society as a member, it would be regarded to be primary co- operative bank. According to the AO, the primary object and principal business of the assessee was transaction of banking business. Hence

HAVYAKA CREDIT SOUHARDA SAHAKARI NIYAMITA,KUMTA vs. INCOME TAX OFFICER, KARWAR

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

capital and reserve are 1 lakh or more and thirdly, by laws of the co-operative society do not permit admission of any other co- operative society as a member, it would be regarded to be primary co- operative bank. According to the AO, the primary object and principal business of the assessee was transaction of banking business. Hence