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

c) Further, the value of the shares transacted by the appellant runs into crores of rupees. It cannot be said that the appellant has carried out investments in those shares and that to the shares of a single company, Sesa Goa Ltd. 4.9. All the above facts are indicia of the Appellant had some business interest or strategy of acquiring

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

c) Further, the value of the shares transacted by the appellant runs into crores of rupees. It cannot be said that the appellant has carried out investments in those shares and that to the shares of a single company, Sesa Goa Ltd. 4.9. All the above facts are indicia of the Appellant had some business interest or strategy of acquiring

INCOME TAX OFFICER, WARD - 1(1), PANAJI vs. SHRI LALJI PURUSHOTTAM BABHOYYA PATEL, ALTINHO

In the result, the appeal is allowed

Bench: Shri C.M. Garg & Shri Girish Agrawalassessment Year: 2006-07 Ito, Vs. Shri Lalji Purshottam Dabhoyya Ward 1(1), Patel, Panaji, Hill View, Althinho, Goa. Panaji, Goa- 403 001. Pan: Abapd1169Q Assessment Year: 2006-07 Shri Lalji Purshottam Vs. Acit, Dabhoyya Patel, Circle -1(1), Hill View, Althinho, Panaji, Panaji, Goa- 403 001. Goa. Pan: Abapd1169Q (Appellant) (Respondent) Assessee By : Shri Jitendra Jain, Advocate Revenue By : Shri Mayur Kamble, Sr. Dr Date Of Hearing : 15.06.2022 Date Of Pronouncement : 17.08.2022 Order Per C.M. Garg, Jm: This Appeal Has Been Filed By The Assessee Against The Order Of The Cit(A), Panaji-1, Dated 31.05.2018 For Assessment Year 2007-08. Ita Nos.361 & 339/Pan/2018 2. Facts Of The Case, In Brief, Are That The Assessee Is A Civil Contractor Carrying On The Business At Panaji, Goa. The Assessee Filed His Return Of Income Declaring The Total Income At Rs.9,02,333/-. The Ao Completed The Assessment U/S 143(3) Of The Act By Making The Following Additions:- I) Unexplained Cash Credit - Rs.27,33,000.00 Ii) Unconfirmed Creditors - Rs. 6,30,000.00 Iii) Depreciation Disallowance - Rs. 1,03,697.00

Depreciation disallowance - Rs. 1,03,697.00 3. The AO also initiated penalty proceedings u/s 271(1)(c) of the Act and a penalty of Rs.9,90,009/- was imposed. In appeal, the learned CIT(A), Panaji, sustained the additions made as well as the penalty imposed by the AO. 4. The learned counsel for the assessee, placing reliance on various

SHRI LALJI PURSHOTTAM DABHOYYA PATEL,ALTINHO vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 1(1), PANAJI

In the result, the appeal is allowed

Bench: Shri C.M. Garg & Shri Girish Agrawalassessment Year: 2006-07 Ito, Vs. Shri Lalji Purshottam Dabhoyya Ward 1(1), Patel, Panaji, Hill View, Althinho, Goa. Panaji, Goa- 403 001. Pan: Abapd1169Q Assessment Year: 2007-08 Shri Lalji Purshottam Vs. Acit, Dabhoyya Patel, Circle -1(1), Hill View, Althinho, Panaji, Panaji, Goa- 403 001. Goa. Pan: Abapd1169Q (Appellant) (Respondent) Assessee By : Shri Jitendra Jain, Advocate Revenue By : Shri Mayur Kamble, Sr. Dr Date Of Hearing : 15.06.2022 Date Of Pronouncement : 17.08.2022 Order Per C.M. Garg, Jm: This Appeal Has Been Filed By The Assessee Against The Order Of The Cit(A), Panaji-1, Dated 31.05.2018 For Assessment Year 2007-08. Ita Nos.361 & 339/Pan/2018 2. Facts Of The Case, In Brief, Are That The Assessee Is A Civil Contractor Carrying On The Business At Panaji, Goa. The Assessee Filed His Return Of Income Declaring The Total Income At Rs.9,02,333/-. The Ao Completed The Assessment U/S 143(3) Of The Act By Making The Following Additions:- I) Unexplained Cash Credit - Rs.27,33,000.00 Ii) Unconfirmed Creditors - Rs. 6,30,000.00 Iii) Depreciation Disallowance - Rs. 1,03,697.00

Depreciation disallowance - Rs. 1,03,697.00 3. The AO also initiated penalty proceedings u/s 271(1)(c) of the Act and a penalty of Rs.9,90,009/- was imposed. In appeal, the learned CIT(A), Panaji, sustained the additions made as well as the penalty imposed by the AO. 4. The learned counsel for the assessee, placing reliance on various

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)

13. Coming to climax, we note that, the appellant contended former three payments as revenue in nature & character and claimed them respectively in the year of payments u/s 37(1) r.w.s. 43B of the Act by debiting the Profit & Loss A/c prepared for the respective years which were also subjected to audit under both the provisions of Companies Act, 1956/2013

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-

13. Coming to climax, we note that, the appellant contended former three payments as revenue in nature & character and claimed them respectively in the year of payments u/s 37(1) r.w.s. 43B of the Act by debiting the Profit & Loss A/c prepared for the respective years which were also subjected to audit under both the provisions of Companies Act, 1956/2013

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

c) interest on bank deposits ₹16,39,202/- & (d) interest on tax-refund ₹52,586/- etc., were brought to tax as income from other sources u/s 56 of the Act [‘IOS’] and assessed accordingly further allowing to c/f current year business losses to the tune of ₹22,65,10,180/- 2.2 Post assessment, the assessment records were called & perused

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.

13. Now, we may proceed to discuss the decision of this Court in the case of CIT vs. Ooty Dasaprakash (reported in [1999] 237 ITR 902). We refer to this decision because this is more or less an identical case to that of the assessee before us. The Division Bench held that the expenditure was incurred solely for repairs

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.

13. Now, we may proceed to discuss the decision of this Court in the case of CIT vs. Ooty Dasaprakash (reported in [1999] 237 ITR 902). We refer to this decision because this is more or less an identical case to that of the assessee before us. The Division Bench held that the expenditure was incurred solely for repairs

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

c) ₹1,14,11,643/- disallowance of forex fluctuation loss claimed in respect of closing balance of sale proceeds held in Exchange Earners Foreign Currency Account [‘EEFC A/c’ hereinafter] maintained with two IDBI banks and Bank of Maharashtra. ITAT-Panaji Page 2 of 16 VGM Export Vs JCIT, Margao ITA Nos.114/PAN/2023 AY: 2010-11 3. Aggrieved assessee filed an appeal

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

depreciation on car etc. Further the appellant had to take permission from Forest Department to sell these dumps and in the invoices and correspondence submitted by the assessee clearly shows sale of iron ore/waste. 5.7 I have considered the argument of the appellant that these iron ore rejects are a capital asset, as sale of ore rejects. amounts to sale

GUALA CLOSURES (INDIA) PVT. LTD.,PANAJI vs. THE INCOME TAX OFFICER, WARD - 1(1), PANAJI

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

Bench: Shri Pavan Kumar Gadale & Shri G D Padmahshalii T A.No.344/Pan/2017 (A.Y.2013-14 ) Guala Closures(India) Vs. I T O Ward1(1), Private Limited, Aaykar Bhavan, D-1, Sesa Ghor, Edc, Patto, 20,Edc Complex, Panjim-403001. Patto, Goa. Panaji-403001, Goa Pan/Gir No.:Aaacg4447J Appellant .. Respondent

13) of the Income Tax Act, 1961 passed in pursuance to the directions of the Dispute Resolution Panel (DRP) u/s 144C(5) of the Act. The assesse has Guala Closures (India) Private Limited. raised grounds of appeal challenging the action of lower authorities in determining the ALP pertaining to management fees as Nil and also the lower authorities erred

GUALA CLOSURES (INDIA) PVT. LTD.,PANAJI vs. THE INCOME TAX OFFICER, WARD-1(1), PANAJI., PANAJI

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

Bench: Shri Pavan Kumar Gadale & Shri G D Padmahshalii T A.No.62/Pan/2017 (A.Y.2012-13 ) Guala Closures(India) Vs. I T O Ward1(1), Private Limited, Aaykar Bhavan, D-1, Seasa Ghor, Edc, Patto, 20,Edc Complex, Panjim-403001. Patto, Goa. Panaji-403001, Goa Pan/Gir No.:Aaacg4447J Appellant .. Respondent

section 115(O) of the Act is applicable and not at the rate of tax applicable to nonresident share holders as specified in the relevant DTAA on such dividend income and accordingly this additional ground of appeal of the assesse is dismissed. 6. The Brief facts of the case are that, the assessee company is engaged in the business

M/S. KINECO (P) LTD.,BARDEZ vs. THE INCOME TAX OFFICER, WARD - 2(4), PANAJI

In the result, appeal of assessee is allowed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawalassessment Year: 2013-14 M/S. Kineco (P) Ltd. Income Tax Officer, Ward- 60, Pilerne Industrial 2(4), Panaji. Vs. Estate, Pilerne, Bardez Goa- 403511. (Pan: Aabcm8681P) (Appellant) (Respondent) Present For: Appellant By : Shri Jitendra Jain, Advocate 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: This Appeal By The Assessee Is Directed Against The Order Of Ld. Cit(A)-2, Panaji Vide Ita No. 418/Cit(A)-2/Pnj/2017-18 Dated 01.06.2018 For A.Y. 2013-14 Passed Against The Assessment Order U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) By Ito, Ward-2(4), Panaji Dated 22.03.2016. 2. Shri Jitendra Jain, Advocate Appeared On Behalf Of The Assessee & Shri Mayur Kamble, Sr. Dr Appeared On Behalf Of The Revenue.

depreciation of Rs.1,73,42,813/- earned by the assessee during the year. Thus, based on this factual position, Ld. Counsel strongly submitted that non-utilization of interest bearing funds for making the investment should lead to no disallowance of any portion of interest of Rs.44,30,021/- claimed by the assessee in its P&L Account for the year