VIJESH VITHAL TALAULICAR,PANAJI vs. ACIT, CIRCLE - 1(1), PANAJI

In the result, appeal of the assessee is allowed in terms of our aforesaid observations

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita No. 230/Pan/2017 "नधा"रण वष" / Assessment Year : 2010-11 Shri Vijesh Vithal Talaulicar Shri Ramnath Sadan, Dr. Dada Vaidya Road, Panaji, Goa Pan : Aaxpt9647D .......अपीलाथ" / Appellant बनाम / V/S. The Asst. Commissioner Of Income Tax, Circle-1(1), Panaji. ……""यथ" / Respondent

income. 3. Aggrieved, the assessee carried the matter in appeal before the CIT(Appeals). However, the CIT(Appeals) not being persuaded to subscribe to the contentions advanced by the assessee, therein, upheld the order of the Assessing Officer and dismissed the appeal by inter alia observing as under : “5.4 I have considered the facts contained in the assessment order

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 2, BELAGAVI vs. M/S NIRANI SUGARS LIMITED, BELAGAVI

In the result, the appeal of the Revenue is dismissed

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

depreciation at the higher rate @80% before the due date of furnishing the return of income u/s 139(1) of the Income Tax Act, 1961. (ii) The ld. CIT(A) erred in deleting the addition of Rs.2,75,00,000/- as per section 36(1)(iii) of the Income Tax Act, 1961 on account of interest not allowable even though

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

income with a claim for carried forward [‘C/f’] of total losses of ₹44,90,40,717/- of which current year business losses including unabsorbed depreciation

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 1(1), PANAJI vs. SHIFFER AND MENEZES INDIA PVT. LTD, PANAJI

In the result, appeal of revenue is dismissed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawalassessment Year: 2009-10 Assistant Commissioner Of M/S. Schiffer & Menezes Income Tax, Circle-1(1), India (P) Ltd. Vs. Panaji, Goa Cmm Building, Rua De Ourem, Panaji, Goa (Pan: Aaccm0106E) (Appellant) (Respondent) Present For: Appellant By : Shri P. R. V. Raghavan, Ca Respondent By : Shri Mayur Kamble, Sr. Dr Date Of Hearing : 16.06.2022 Date Of Pronouncement : 02.09.2022 O R D E R Per Girish Agrawal: This Appeal By The Revenue Is Directed Against The Order Of Ld. Cit(A)-2, Panaji Vide

income from other sources of Rs.69,02,099/-. Assessee carried forward the unabsorbed loss of unit B of Rs.66,87,840/- and also carried forward unabsorbed depreciation of Rs.2,02,72,405/-. Assessee set off the entire business

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2 (1), PANAJI vs. M/S V. M. SALGAOCAR & BROTHERS (P) LTD., VASCO

Appeals of the Revenue are DISMISSED

Bench: Hon’Ble Shri S. S. Godara & Shri G. D. Padmahshaliआयकर अपऩल सं. / Ita Nos. 209 To 211/Pan/2019 निर्धारण वषा / Assessment Years : 2005-06 To 2007-08 The Asst. Commissioner Of Income Tax, Circle-2(1), Panaji, Goa . . . . . . . अपीलार्थी / Appellant

business income. As in the view of the Revenue, this would have resulted in reduction of taxable income for future assessment years when assessee becomes liable for normal taxation. This issue finally got settled in favour of the respondent by the order Hon'ble High Court (supra), wherein their Lordships have categorically held that, the depreciation

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2 (1), PANAJI vs. M/S V. M. SALGAOCAR & BROTHERS (P) LTD., VASCO

Appeals of the Revenue are DISMISSED

Bench: Hon’Ble Shri S. S. Godara & Shri G. D. Padmahshaliआयकर अपऩल सं. / Ita Nos. 209 To 211/Pan/2019 निर्धारण वषा / Assessment Years : 2005-06 To 2007-08 The Asst. Commissioner Of Income Tax, Circle-2(1), Panaji, Goa . . . . . . . अपीलार्थी / Appellant

business income. As in the view of the Revenue, this would have resulted in reduction of taxable income for future assessment years when assessee becomes liable for normal taxation. This issue finally got settled in favour of the respondent by the order Hon'ble High Court (supra), wherein their Lordships have categorically held that, the depreciation

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2 (1), PANAJI vs. M/S V. M. SALGAOCAR & BROTHERS (P) LTD., VASCO

Appeals of the Revenue are DISMISSED

Bench: Hon’Ble Shri S. S. Godara & Shri G. D. Padmahshaliआयकर अपऩल सं. / Ita Nos. 209 To 211/Pan/2019 निर्धारण वषा / Assessment Years : 2005-06 To 2007-08 The Asst. Commissioner Of Income Tax, Circle-2(1), Panaji, Goa . . . . . . . अपीलार्थी / Appellant

business income. As in the view of the Revenue, this would have resulted in reduction of taxable income for future assessment years when assessee becomes liable for normal taxation. This issue finally got settled in favour of the respondent by the order Hon'ble High Court (supra), wherein their Lordships have categorically held that, the depreciation

M/S CHOWGULE AND COMPANY (SALT) PVT. LTD,MORMUGAO vs. THE ACIT, CIRCLE - 2, MARGAO

The appeal of the assessee is partly allowed in terms of aforesaid observation

Bench: Shri Ravish Sood & Shri Jamlappa D. Battullआयकर अपील सं. / Ita No. : 390/Pan/2017 करधििाारण वर्ा / Assessment Year : 2012-2013 M/S Chowgule & Company (Salt) Pvt Ltd., Chowgule House, Mormugao Harbour, Goa – 403803. Pan: Aabcc 5595 J . . . . . . . अपीलार्थी / Appellant बिाम / V/S Asstt. Commissioner Of Income Tax, Circle-2, Margao, Goa. . . . . . . . प्रत्यर्थी / Respondent द्वारा / Appearances Assessee By : Ms Hiral Sejpal Revenue By : Shri Sourabh Nayak सुनवाई की तारीख / Date Of Conclusive Hearing : 24/02/2022 घोषणा की तारीख / Date Of Pronouncement : 29/04/2022 आदेश / Order Per Jamlappa D Battull Am; The Present Appeal Filed By The Appellant Assessee Is Directed Against The Order Of Commissioner Of Income Tax- Appeals, Panaji-1 [For Short “Cit(A)”] Dt. 09/10/2017 Passed U/S 250 Of The Income-Tax Act, 1961 [For Short “The Act”], Which In Turn Tousled Out Of Order Of Assessment Of Assistant Commissioner Of Income Tax-Circle-2, Margoa [For Short “Ao”] Dt. 27/07/2014 Passed U/S 143(3) Of The Act, For The Assessment Year [For Short “Ay”] 2012-2013. Itat-Panaji Page 1 Of 23

business of manufacturing / production and export of Industrial Salt and trading in Iron ore. For the AY 2012-2013, the assessee filed its Return of Income [for short “ITR/ROI”] declaring total income of ₹1,25,76,339/- which was summarily processed u/s 143(1) of the Act. Later by service of statutory notice u/s 143(2) the assessment

JENNY ELTON VALES,DONA PAULA vs. ITO, WARD - 5, MARGAO

In the result, the appeal of assessee in ITA No

Bench: Shri S.S. Viswanethra Ravi

depreciation and addition to house property income. As appellant is covered by section 5A, any change in the total income of the spouse will cause consequential change to her total income, as income so enhanced in husband's case has to be added to her income to be extent of 50%. In light of these circumstances the assessment of appellant

JENNY ELTON VALES,DONA PAULA vs. ITO, WARD - 5, MARGAO

In the result, the appeal of assessee in ITA No

Bench: Shri S.S. Viswanethra Ravi

depreciation and addition to house property income. As appellant is covered by section 5A, any change in the total income of the spouse will cause consequential change to her total income, as income so enhanced in husband's case has to be added to her income to be extent of 50%. In light of these circumstances the assessment of appellant

SHRI JULIO D'COSTA,CAVELOSIM, GOA vs. INCOME TAX OFFICER, WARD -2, MARGAO

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

Bench: Shri Pavan Kumar Gadalei T A. Nos.158 &159/Pan/2019 (A.Y. 2015-16 ) Shri.Julio D Costa, Vs Ito-Ward-2, H.No.337,Mobor,Cavelossim, Blessings Pioneer Salcete,Goa-403731. Complex, (Pan:Aewpd6709F) Old Market, Margoa-403601,Goa. Smt.Bertha D Costa, Ito-Ward-2, Vs H.No.337,Mobor,Cavelossim, Blessings Pioneer Salcete,Goa-403731. . Complex, (Pan:Aewpd6748N) Old Market, Margoa-403601,Goa. (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) Assessee By Shri.Shrinivas Nayak.Ar Revenue By Smt.Manju Thakur.Sr.Dr सुनवाई की तारीख/Date Of Hearing 09.09.2025 घोषणा की तारीख/Date Of Pronouncement 15.09.2025 Order Per Pavan Kumar Gadale, Jm: These Two Appeals Are Filed By The Assesses (Husband & Wife) Against The Separate Orders Of The Cit(A) -1 Panaji Passed U/Sec143(3) & U/Sec 250 Of The Act. The Assesses Are Governed By The Portuguese Civil Code & Provisions Of Section 5A Of The Act. 2. Since The Issues Involved In These Two Appeals Are Common & Identical, Hence They Are Clubbed, Heard & Aconsolidated Order Is Passed. For The Sake Of Convenience

income u/sec44AD of the Act (ii) disallowance of depreciation on Trawler and (iii) partial disallowance of cost of Trawler, 3. The brief facts of the case are that, the assessee is engaged in the business

SMT BERTHA D'COSTA,CAVELOSSIM, GOA vs. INCOME TAX OFFICER, WARD -2, MARGAO

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

Bench: Shri Pavan Kumar Gadalei T A. Nos.158 &159/Pan/2019 (A.Y. 2015-16 ) Shri.Julio D Costa, Vs Ito-Ward-2, H.No.337,Mobor,Cavelossim, Blessings Pioneer Salcete,Goa-403731. Complex, (Pan:Aewpd6709F) Old Market, Margoa-403601,Goa. Smt.Bertha D Costa, Ito-Ward-2, Vs H.No.337,Mobor,Cavelossim, Blessings Pioneer Salcete,Goa-403731. . Complex, (Pan:Aewpd6748N) Old Market, Margoa-403601,Goa. (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) Assessee By Shri.Shrinivas Nayak.Ar Revenue By Smt.Manju Thakur.Sr.Dr सुनवाई की तारीख/Date Of Hearing 09.09.2025 घोषणा की तारीख/Date Of Pronouncement 15.09.2025 Order Per Pavan Kumar Gadale, Jm: These Two Appeals Are Filed By The Assesses (Husband & Wife) Against The Separate Orders Of The Cit(A) -1 Panaji Passed U/Sec143(3) & U/Sec 250 Of The Act. The Assesses Are Governed By The Portuguese Civil Code & Provisions Of Section 5A Of The Act. 2. Since The Issues Involved In These Two Appeals Are Common & Identical, Hence They Are Clubbed, Heard & Aconsolidated Order Is Passed. For The Sake Of Convenience

income u/sec44AD of the Act (ii) disallowance of depreciation on Trawler and (iii) partial disallowance of cost of Trawler, 3. The brief facts of the case are that, the assessee is engaged in the business

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

depreciation in the value of foreign currency held by it, on conversion into another currency, such profit or loss would ordinarily be trading profit or loss if the foreign currency is held by the assessee on revenue account or as a trading asset or as part of circulating capital embarked in the business. But, if on the other hand

SALGAOCAR MINING INDUSTRIES PVT. LTD,PANAJI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 1, MARGAO

The appeal of the assessee is PARTLY ALLOWED in aforestated terms

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliassessment Years: 2006-2007 M/S Salgaocar Mining Industries Pvt Ltd. Salgaonkar Bhava, Altino, Panaji, Goa-403001. Pan: Aabcs8862N . . . . . . . Appellant V/S Dy. Commissioner Of Income Tax, Circle-1, Margao, Goa. . . . . . . . Respondent Represented Assessee By: Mr Sukhsagar Syal [‘Ld. Ar’] Revenue By: Ms Rijjula Uniyal [‘Ld. Dr’] Date Of Conclusive Hearing : 20/01/2026 Date Of Pronouncement : 29/01/2026 Order Per G. D. Padmahshali; This Assessee’S Appeal Filed U/S 253(1) Of The Income- Tax Act, 1961 [‘The Act’] Impugns The Order Dt. 20/03/2025 Passed U/S 250 Of The Act By Commissioner Of Income Tax(Appeals-2), Panaji [‘Ld. Cit(A)’] Which In Turn Dealt With Order Dt. 20/12/2011 Passed U/S 144 Of The Act By Dcit, Circle-1, Margao Goa [‘Ld. Ao’] Anent To Assessment Year 2006-07.[‘Ay’]

business revenue/receipts of 87,62,350/- remained undisclosed in the return of income and (2) disallowance of excess depreciation of 1,82,643/- . 2.4 Aggrieved

PEDNE TALUKA FARMERS SERVICE CO-OPERATIVE SOCIETY LIMITED,PEDNE vs. INCOME TAX OFFICER, WARD - 2(2), PANAJI

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

Bench: Shri Pavan Kumar Gadalei T A. No.198/Pan/2025 (A.Y. 2014-15) Pende Taluka Farmers Service Vs I T O Ward2(2), Co-Operative Society Limited, Aaykar Bhavan, . Sahakar Bhawan, Edc, Patto, Pernem, Panjim Goa-403512. Goa-403001. Pan .No. Aaaap0651P (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) Assessee By Shri.Arun .F.Naik.Ar Revenue By Shri.Guru Kumar.S.Sr.Dr सुनवाई की तारीख/Date Of Hearing 22.09.2025 घोषणा की तारीख/Date Of Pronouncement 23.09.2025 Order Per Pavan Kumar Gadale, Jm: The Appeal Is Filed By The Assesse Against The Order Of The Addl/Jcit (A)-12 Mumbai Passed U/Sec 143(3) & U/Sec 250 Of The Act. 2. At The Time Of Hearing, The Ld.Ar Submitted That There Is A Delay Of 154 Days In Filing The Appeal Before The Hon’Ble Tribunal & The Assesse Has Filed The Application & Affidavit For Condonation Of Delay. Whereas, The Facts Mentioned In The Affidavit Are Reasonable & Sufficient Cause Is Explained & The Ld. Dr Has No Specific Objections. Accordingly, Condone The Delay & Admit The Appeal. The Assessee Has Raised The Grounds Of Appeal

business of retailers of grocery, consumer goods, agricultural goods and providing credit facilities to its members. The assesse has filed the return of income for the A.Y 2014-15 disclosing a total income of Rs. Nil after claiming deduction of Rs.38,61,056/- u/sec 80P of the Act. Subsequently the case was selected for complete scrutiny under CASS. Further notice

SHIRGUPPI SUGAR WORKS LIMITED,BELAGAVI vs. INCOME TAX OFFICER, WARD - 1(1), BELGAUM

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

Bench: Shri Pavan Kumar Gadalei T A. No.252/Pan/2025 (A.Y. 2012-13) Shirguppi Sugar Works Vs Ito-Ward-1(1), Limited, Feroj Khimjibhai Cpx, No.62,Ambi Galli, Civil Hospital Road At Post- Manjari, Belagavi-590001. Tal Chikodi, Karnataka. Belagavi-591213, Karnataka.

business loss and unabsorbed depreciation. Whereas the point of dispute in the assessment proceedings, the A.O find that the assesse has earned interest on fixed deposits from various banks aggregating to Rs.14,45,670/- and claimed set off against the pre operative expenses. But the A.O. is of the view that the interest income

M/S CHOWGULE AND COMPANY PVT. LTD,MORMUGAO vs. DCIT - 12(3)(1), MUMBAI

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

Bench: SHRI INTURI RAMA RAO (Accountant Member), SHRI PARTHA SARATHI CHAUDHURY (Judicial Member)

business loss of Rs.61,79,867/-. Against the said return of income, the assessment was completed by the Dy. Commissioner of Income Tax, Circle-12(3)(1), Mumbai (‘the Assessing Officer’) vide order dated 16.03.2016 passed u/s 143(3) of the Income Tax Act, 1961 (‘the Act’) at a total loss of Rs.61,79,867/- ignoring the depreciation

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)

business or professional purposes. 38. In the present case, the impugned ‘stamp duty’ payment disallowed is already decided and attained finality as a consideration paid for acquisition of licence to extract iron-ore minerals. The consideration so paid in law represents cost of acquisition of capital asset, consequently, qualifies for depreciation u/s 32 of the Act r.w.r. 5 of Income