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)

32(1) is pari-materia of section 2(11) to cover both tangible and intangible assets for depreciation. 37. Section

DEMPO INDUSTRIES PRIVATE LIMITED,PANAJI vs. INCOME TAX OFFICER, WARD -1(2), PANAJI

The appeal of the assessee is ALLOWED in above terms

Bench: Hon’Ble Shri S. S. Godara & Shri G. D. Padmahshali(Through Virtual Hearing At Pune) आयकर अपील सं. / Ita No. 131/Pan/2019 धििाारण वर्ा / Assessment Year : 2010-11 Dempo Industries Pvt. Ltd., Dempo House, Campal, Panaji, Goa - 403001 Pan: Aaacu1745F . . . . . . . अपीलार्थी / Appellant

32(1)(iia) of the Act on threefold reasons viz; (1) the business of newspaper publication do not amount to manufacturing or production of any article or thing (2) items against which additional depreciation is claimed do not qualify to be plant & machinery and (3) items were purchased prior to previous year relevant to assessment year. 3.3 The assessee challenged

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

2) of the Act are debited to the statement of profit and loss account, then only the provisions of section 115JB of the Act would apply. lex lata, the disallowance u/s. 14A of the Act is a notional disallowance and therefore, by taking recourse to section 14A of the Act, the amount cannot be added back to book profit under

GOA MINERALS PRIVATE LIMITED,VASCO vs. ACIT, CIRCLE - 2(1), PANAJI

In the result, appeal of the assessee is allowed for statistical purpose

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.63/Pan/2020 िनधा"रण वष" / Assessment Year : 2014-15 Goa Minerals Private Limited, The Assistant P.B.No.14, Salgaocar House, V Commissioner Of Income Dr.F.L.Gomes Road, S Tax, Circle-2(1), Panaji, Vasco Da Gama, Goa. Goa – 403802 Pan: Aaacg 6716 C Appellant / Assessee Respondent / Revenue Assessee By Shri Veer Raghavan – Ar Revenue By Shri N. Shrikanth – Dr Date Of Hearing 09/10/2023 Date Of Pronouncement 11/10/2023

2. The ld.AR filed a paper book containing 175 pages. The ld.AR submitted that assessee had claimed Rs.65,32,98/- as revenue expenditure in A.Y. 2013-14. However, in the assessment order passed under section 143(3), the Assessing Officer(AO) held that expenditure of Rs.65,32,998/- is the capital expenditure incurred on furniture, other equipments, electrical fittings

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

section 14A r.w. Rule 8D of I.T. Rules. Accordingly, the Ld. CIT(A) partly allowed the claim of assessee. 22. Still aggrieved, the assessee is in appeal before the Tribunal contending, inter alia, that the AO may be directed to calculate the disallowance attributable to exempted income as per Rule 8D (2)(iii) of the I.T. Rules 1962 by considering

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

section 14A r.w. Rule 8D of I.T. Rules. Accordingly, the Ld. CIT(A) partly allowed the claim of assessee. 22. Still aggrieved, the assessee is in appeal before the Tribunal contending, inter alia, that the AO may be directed to calculate the disallowance attributable to exempted income as per Rule 8D (2)(iii) of the I.T. Rules 1962 by considering

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

2. Briefly stated facts of borne out of the case records are that; 2.1 The assessee is an individual governed by the provisions of 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

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

2 of 10 ACIT Vs M/s V M Salgaonkar & Bros. Pvt Ltd. ITA No. 209-211/PAN/2019 AY: 2005-06 to 2007-08 3.2 Meanwhile, a pending issue as to whether depreciation u/s 32 of the Act is to be considered as charged & allowed for the purpose computing deduction u/s 80HHC of the Act in appellant’s case

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

2 of 10 ACIT Vs M/s V M Salgaonkar & Bros. Pvt Ltd. ITA No. 209-211/PAN/2019 AY: 2005-06 to 2007-08 3.2 Meanwhile, a pending issue as to whether depreciation u/s 32 of the Act is to be considered as charged & allowed for the purpose computing deduction u/s 80HHC of the Act in appellant’s case

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

2 of 10 ACIT Vs M/s V M Salgaonkar & Bros. Pvt Ltd. ITA No. 209-211/PAN/2019 AY: 2005-06 to 2007-08 3.2 Meanwhile, a pending issue as to whether depreciation u/s 32 of the Act is to be considered as charged & allowed for the purpose computing deduction u/s 80HHC of the Act in appellant’s case

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

32 of the Act and ‘registration fees’ as revenue in nature thus deductible u/s 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