M/S SOVA,PANAJI vs. PR. COMMISSIONER OF INCOME TAX, PANAJI
The appeal of the assessee is PARTLY ALLOWED in aforestated terms
ITA 24/PAN/2024[2018-19]Status: DisposedITAT Panaji10 Mar 2026AY 2018-19
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
For Appellant: Mr Sukhsagar Syal [‘Ld. AR’]For Respondent: Mr M Satish [‘Ld. DR’]
Section 143(2)Section 143(3)Section 253(1)Section 263Section 56
b) credit balances written off ₹14,03,127/-, (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/-
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