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

COMMUNIDADE OF CHICALIM,CHICALIM vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 2(1), PANAJI

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

Bench: Shri Pavan Kumar Gadale & Shri G D Padmahshalii T A. No.207/Pan/2024 (A.Y. 2016-17 ) Comunidade Of Chicalim, Vs Acit Circle 2(1), Ground Floor, St Xavier Aaykar Bhavan, . Church Building, Edc, Patto, Chicalim-403802, Panjim South Goa,Goa. Goa-403001. Pan .No. Aaaabc0196P (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent)

capital gains of Rs.1,65,74,350/-. The A.O find that the assessee could not carried forward the loss for eight assessment years immediately succeeding the A.Y.2007-08, and such loss can be set

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

The appeal of the assessee is PARTLY ALLOWED in aforestated terms

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

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

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)

gains and such expenditure incurred for acquiring such lease hold right including expenditure towards renewal of mining lease is a capital expenditure. The A.O find that the stamp duty paid for the renewal of mining lease is towards the execution of the lease deed is a capital expenditure being the acquisition of capital asset u/sec2

M/S FEELINGS,MARGAO vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX, PANAJI

The appeal is ALLOWED in above terms

Bench: Hon’Ble Shri S. S. Godara & Shri G. D. Padmahshaliआयकर अपील सं. / Ita No. 149/Pan/2019 धििाारण वर्ा / Assessment Year : 2014-15 M/S. Feelings, H. No. 2730, Murida, Fatorda Margao Goa- 403601 Pan:Aabff4135A . . . . . . . अपीलाथी / Appellant

gains of business. Following the principle laid down in Apollo Tyres Ltd 255 ITR 273 (SC), the AO is not entitled to recompute the P&L profits. Even if income from other sources is included in the P&L A/c, to ascertain the net profit qua book-profit for computation of remuneration of the partners the same cannot be discarded

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

setting aside the assessment order to the file of the Assessing Officer for making a fresh assessment on the issue of royalty expenditure of Rs.31,26,55,634. 5. The Hon'ble Pr. CIT erred in not appreciating that the expenditure incurred on royalty wasnot for acquiring or bringing into existence an asset which gives an advantage for the enduring

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), PATTO PLAZA vs. ESTEEM INDUSTRIES PRIVATE LIMITED, PLOT

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

capital expenditure of ₹1,94,57,703/- relating to technical know-how. Aggrieved by the first addition, the assessee filed an appeal which the Ld. NFAC allowed by reversing the alleged addition. Aggrieved thereby the Revenue came in this second appeal seeking to overturn former deletion. ITAT-Panaji Page 3 of 20 DCIT Vs Esteem Industries Pvt. Ltd. ITA Nos.253/PAN/2024