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

depreciation of ₹5,10,91,191/- then allowed to appellant for the AY under consideration while framing the original assessment. While invoking the jurisdiction of 154 of the Act, the Ld. AO computed the period of limitation of four years with reference to consequential order dt. 28/03/2013 passed u/s 143(3) r.w.s. 254 of the Act. 3.4 When assessee assailed

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

depreciation of ₹5,10,91,191/- then allowed to appellant for the AY under consideration while framing the original assessment. While invoking the jurisdiction of 154 of the Act, the Ld. AO computed the period of limitation of four years with reference to consequential order dt. 28/03/2013 passed u/s 143(3) r.w.s. 254 of the Act. 3.4 When assessee assailed

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

depreciation of ₹5,10,91,191/- then allowed to appellant for the AY under consideration while framing the original assessment. While invoking the jurisdiction of 154 of the Act, the Ld. AO computed the period of limitation of four years with reference to consequential order dt. 28/03/2013 passed u/s 143(3) r.w.s. 254 of the Act. 3.4 When assessee assailed

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

254 (SC)]. 5. To brace the allowability of deduction the Ld. Mr Deshpande further submitted that, it must be noted that, there was no explicit provision in the Act for deductibility of exchange loss, until following settled position of law laid in ‘M/s Woodward Governor India Pvt Ltd.’ (supra), the legislature by Finance Act 2018 brought in a novel provision