SOCIEADADE DE FOMENTO INDL. PVT. LTD.,MARGAO vs. JOINT COMMISSIONER OF INCOME TAX, MARGAO RANGE, MARGAO

In the result, the appeal of the assessee is partly allowed and that of the Revenue is dismissed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawal

37 ITA.No.105 & 116/PAN./2018 Sociedade De Fomento Industrial Pvt. Ltd., Margao, Goa. "9. The legal proposition canvassed by the learned counsel, however, does no longer hold good in view of retrospective amendment with effect from 1-6-1976 in section 9 brought out by the Finance Act, 2010. Under the amended Explanation to section 9(1), as it exists

ACIT, CENTRAL CIRCLE, PANAJI vs. M/S SOCIADADE DE FOMENTO INDUSTRIAL P. LTD, MARGAO

In the result, the appeal of the assessee is partly allowed and that of the Revenue is dismissed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawal

37 ITA.No.105 & 116/PAN./2018 Sociedade De Fomento Industrial Pvt. Ltd., Margao, Goa. "9. The legal proposition canvassed by the learned counsel, however, does no longer hold good in view of retrospective amendment with effect from 1-6-1976 in section 9 brought out by the Finance Act, 2010. Under the amended Explanation to section 9(1), as it exists

NANU RESORTS PVT. LTD.,MARGAO vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE- 1., MARGAO

In the result, both the appeals of the assessee are allowed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawalita Nos.393 & 394/Pan/2018 Assessment Years: 2004-05 & 2005-06 Nanu Resorts Pvt. Acit, Circle-1, Ltd. Margao Nanu House, Varde Vs. Valaulikar Road, Margao- Goa Pan: Aaacn 7114 P (Appellant) (Respondent) Present For: Appellant By : None Respondent By : Shri Mayur Kamble, Sr. Dr Date Of Hearing : 15.06.2022 Date Of Pronouncement : 30.08.2022 O R D E R Per Girish Agrawal: These Two Appeals By The Assessee Arising Out Of The Order Of Ld. Cit(A), Panaji-1, Panaji In Ita Nos.305 & 306/Mrg/2014-15 Dated 02.07.2018 Against The Assessment Order Passed By Dcit, Circle-1, Margao-Goa U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Referred To As The ‘Act’) Dated 25.10.2011 For Both A.Y. 2004-05 & A.Y. 2005-06. 2. The Issue Involved In Both These Appeals Are Common Which Relates To Treatment Of Expenditure Incurred By The Assessee For Replacement Of Assets & Renovation As Revenue Or Capital In Nature. For Ay 2004-05, The Quantum Of Expenditure In Dispute Is Of Rs. 10,81,672/- & For Ay 2005-06 It Is Rs. 2,06,379/-. A.Ys. 2004-05 & 2005-06 3. Before Us, None Appeared On Behalf Of The Assessee & Shri Mayur Kamble, Sr. Dr Represented The Department.

section 37(1). A.Ys. 2004-05 & 2005-06 3. (a) Replacing of Merry Go Round Rs.13,572/- (spares for merry go round). (b) Replacement of electrical equipments in Store Room Rs.2,30,000/- (c) Replacement of equipments in Kitchen Rs.2,99,500/-. These items were replaced to make main asset workable. It has neither created new asset nor increased

NANU RESORTS PVT. LTD.,MARGAO vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE- 1., MARGAO

In the result, both the appeals of the assessee are allowed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawalita Nos.393 & 394/Pan/2018 Assessment Years: 2004-05 & 2005-06 Nanu Resorts Pvt. Acit, Circle-1, Ltd. Margao Nanu House, Varde Vs. Valaulikar Road, Margao- Goa Pan: Aaacn 7114 P (Appellant) (Respondent) Present For: Appellant By : None Respondent By : Shri Mayur Kamble, Sr. Dr Date Of Hearing : 15.06.2022 Date Of Pronouncement : 30.08.2022 O R D E R Per Girish Agrawal: These Two Appeals By The Assessee Arising Out Of The Order Of Ld. Cit(A), Panaji-1, Panaji In Ita Nos.305 & 306/Mrg/2014-15 Dated 02.07.2018 Against The Assessment Order Passed By Dcit, Circle-1, Margao-Goa U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Referred To As The ‘Act’) Dated 25.10.2011 For Both A.Y. 2004-05 & A.Y. 2005-06. 2. The Issue Involved In Both These Appeals Are Common Which Relates To Treatment Of Expenditure Incurred By The Assessee For Replacement Of Assets & Renovation As Revenue Or Capital In Nature. For Ay 2004-05, The Quantum Of Expenditure In Dispute Is Of Rs. 10,81,672/- & For Ay 2005-06 It Is Rs. 2,06,379/-. A.Ys. 2004-05 & 2005-06 3. Before Us, None Appeared On Behalf Of The Assessee & Shri Mayur Kamble, Sr. Dr Represented The Department.

section 37(1). A.Ys. 2004-05 & 2005-06 3. (a) Replacing of Merry Go Round Rs.13,572/- (spares for merry go round). (b) Replacement of electrical equipments in Store Room Rs.2,30,000/- (c) Replacement of equipments in Kitchen Rs.2,99,500/-. These items were replaced to make main asset workable. It has neither created new asset nor increased

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

37(1) of the Act were made viz; (i) deposits written-off (ii) excessive foreign travel expenses and (iii) compensation for damages to property. The aforestated additions were unsuccessfully contested before first appellate authority. Consequently, when matter travelled to Tribunal on earlier occasion, the Co-ordinate bench vide its order in ITA No. 88/PNJ/2009 dt. 08/07/2011 remitted the first issue

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

37(1) of the Act were made viz; (i) deposits written-off (ii) excessive foreign travel expenses and (iii) compensation for damages to property. The aforestated additions were unsuccessfully contested before first appellate authority. Consequently, when matter travelled to Tribunal on earlier occasion, the Co-ordinate bench vide its order in ITA No. 88/PNJ/2009 dt. 08/07/2011 remitted the first issue

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

37(1) of the Act were made viz; (i) deposits written-off (ii) excessive foreign travel expenses and (iii) compensation for damages to property. The aforestated additions were unsuccessfully contested before first appellate authority. Consequently, when matter travelled to Tribunal on earlier occasion, the Co-ordinate bench vide its order in ITA No. 88/PNJ/2009 dt. 08/07/2011 remitted the first issue

M/S SANKAMTAL HOTEL PRIVATE LTD.,BELAGAVI vs. THE ASST. COMMISSIONER OF INCOME TAX CIRCLE - 2 (1), BELAGAVI

In the result, the appeal of the assessee is allowed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawalassessment Year: 2008-09 M/S Sankamtal Hotel Acit, Circle-1, Pvt. Ltd. Belagavi S. Parthasarathi, Advocate, 3/1, Pranava Vs. Complex, 5Th Cross, Malleswaram, Bangalore- 560 003. Pan: Aadcs 5106 P (Appellant) (Respondent) Present For: Appellant By : Smt. Pratibha R., Advocate Respondent By : Shri Mayur Kamble, Sr. Dr Date Of Hearing : 14.06.2022 Date Of Pronouncement : 30.08.2022 O R D E R Per Girish Agrawal: This Appeal By The Assessee Is Arising Out Of The Order Of Ld. Cit(A), -Belagavi In Ita No.51/Bgm/2016-17 Dated 25.02.2018 Against The Assessment Order Passed By Acit, Circle-2(1), Belagavi U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Referred To As The ‘Act’) Dated 14.03.2016 For A.Y. 2008-09. 2. There Is A Delay Of Five Days In Filing The Present Appeal For Which The Petition For Condonation Of Delay & Affidavit Are Placed On Record. From The Affidavit, We Note That The Assessee Was Out Of Station When The Appeal Memo Was Sent To Him By The Counsel For Its Signature & Therefore A Short Delay Of 5 Days Occurred. Considering The Petition & In The Interest Of Justice & Fair Play, We Find It Proper To Admit The Appeal & Proceed To Adjudicate Thereon.

Section 148 of the Act, for which the notice u/s 148 of the Act was issued on 31.03.2015. In response to the said notice, return was filed on 04.06.2015 reporting the same total income as was reported originally. In the course of reassessment proceedings, Ld. AO noted that assessee has incurred expenditure on restaurant renovation amounting to Rs. 10

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

37(1) of the Act. Without contesting but placing reliance thereon (supra), the Ld. Sayal contended that, to the extent stamp duty paid & claimed in the year under consideration and accepted by the Ld. NFeAC as ‘revenue’ can alone be treated as erroneous and thus prejudicial to the interest of the revenue. In effect to such extent the impugned revisionary

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 as revenue in nature. ITAT-Panaji Page 9 of 16 VGM Export Vs JCIT, Margao ITA Nos.114/PAN/2023 AY: 2010-11 10. Before we hit the ground of adjudication on aforestated factual matrix, let set the dispute in clear terms. There is much less dispute that the impugned disallowance relates to forex fluctuation loss which

SURAJDATTA SAGUN MORAJKAR,NERUL vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-1(1), PANAJI GOA, PANAJI

Bench: Hon’Ble Shri Pavankumar Gadale & Shri G. D. Padmahshaliita Nos. 122/Pan/2024 Assessment Year : 2017-18 Surajdatta Sagun Morajkar C/O. Sun Estate Developers, Next To Sal De Goa, Bhatti Waddo, Bardez, Goa-403114 Pan : Aempm7614J . . . . . . . Appellant

section 5A of the Act was for the year under consideration engaged in the business of real estate development and construction in the name & style of ‘Sun Estate Developer’ and also a partner in M/s ‘SM Venture.’ The assessee filed his return of income on 30/03/2018 declaring total income at ₹4,47,72,090/- which was subjected to scrutiny