ACIT, CIRCLE - 2(1), PANAJI vs. M/S JAY RAM ORE CARRIERS, VASCO

In the result, the appeal filed by the Revenue stands allowed

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhuryआयकर अपील सं. / Ita No.227/Pan/2018 िनधा"रण वष" / Assessment Year : 2014-15 Acit, Circle-2(1), Panaji, Vs. M/S. Jay Ram Ore Goa. Carriers, 2Nd Floor, Sunflower Appts, Opp. St. Andrew Church, Vasco, Goa. Pan : Aaffj0752R Appellant Respondent Revenue By : Shri N. Shrikanth Assessee By : Shri R. D. Onkar Date Of Hearing : 16.08.2023 Date Of Pronouncement : 29.08.2023 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Revenue Directed Against The Order Of Ld. Commissioner Of Income Tax (Appeals)-2, Panaji [‘The Cit(A)’] Dated 30.03.2018 For The Assessment Year 2014-15. 2. Briefly, The Facts Of The Case Are That The Respondent-Assessee Is A Partnership Firm Engaged In The Business Of Operation Of Barge Of Contract. The Return Of Income For The Assessment Year 2014-15 Was Filed By The Appellant Firm On 29.07.2014 Declaring Total Income

section 40(b)(v) read with Explanation 3 thereto, the income as disclosed in the Profits & Loss Account alone has to be considered, accordingly, directed the Assessing Officer to delete the addition made on account of excess partners’ remuneration of Rs.1,38,95,958/-. As regards to the set-off of the brought forward business loses against the capital gains