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)

depreciation u/s 32 of the Act, if same is held to be capital expenditure. 15. In our mindful understanding, nature & character of mining-lease entered, registered and executed between GoG and the appellant can solitarily determine nature & character of impugned stamp duty payment, thus deductibility thereof can be decided. In view thereof we first examined the mining lease transaction

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 23 M/s Chowgule and Company (Salt) Pvt Ltd ITA No.: 390/PAN/2017, AY : 2012-2013, AABCC5595J 5) The Learned CIT(A) has failed to appreciate that the appellant has not incurred any expenditure in earning the dividend income which is claimed as exempt u/s 10(35) of the I.T. Act. 6) The Learned CIT(A) has erred in interpreting

SHRI JULIO D'COSTA,CAVELOSIM, GOA vs. INCOME TAX OFFICER, WARD -2, MARGAO

In the result, the appeal filed by the assessee is partly allowed

Bench: Shri Pavan Kumar Gadalei T A. Nos.158 &159/Pan/2019 (A.Y. 2015-16 ) Shri.Julio D Costa, Vs Ito-Ward-2, H.No.337,Mobor,Cavelossim, Blessings Pioneer Salcete,Goa-403731. Complex, (Pan:Aewpd6709F) Old Market, Margoa-403601,Goa. Smt.Bertha D Costa, Ito-Ward-2, Vs H.No.337,Mobor,Cavelossim, Blessings Pioneer Salcete,Goa-403731. . Complex, (Pan:Aewpd6748N) Old Market, Margoa-403601,Goa. (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) Assessee By Shri.Shrinivas Nayak.Ar Revenue By Smt.Manju Thakur.Sr.Dr सुनवाई की तारीख/Date Of Hearing 09.09.2025 घोषणा की तारीख/Date Of Pronouncement 15.09.2025 Order Per Pavan Kumar Gadale, Jm: These Two Appeals Are Filed By The Assesses (Husband & Wife) Against The Separate Orders Of The Cit(A) -1 Panaji Passed U/Sec143(3) & U/Sec 250 Of The Act. The Assesses Are Governed By The Portuguese Civil Code & Provisions Of Section 5A Of The Act. 2. Since The Issues Involved In These Two Appeals Are Common & Identical, Hence They Are Clubbed, Heard & Aconsolidated Order Is Passed. For The Sake Of Convenience

2) and u/se 142(1) of the Act. In compliance, the Ld.AR of the assesee appeared from time to time and submitted the details and explanations. Whereas the assesse has furnished the submissions in the assessment proceedings opting for the income @8% of the receipts/ gross revenue u/sec44AD of the Act and the A.O has dealt on the provisions

SMT BERTHA D'COSTA,CAVELOSSIM, GOA vs. INCOME TAX OFFICER, WARD -2, MARGAO

In the result, the appeal filed by the assessee is partly allowed

Bench: Shri Pavan Kumar Gadalei T A. Nos.158 &159/Pan/2019 (A.Y. 2015-16 ) Shri.Julio D Costa, Vs Ito-Ward-2, H.No.337,Mobor,Cavelossim, Blessings Pioneer Salcete,Goa-403731. Complex, (Pan:Aewpd6709F) Old Market, Margoa-403601,Goa. Smt.Bertha D Costa, Ito-Ward-2, Vs H.No.337,Mobor,Cavelossim, Blessings Pioneer Salcete,Goa-403731. . Complex, (Pan:Aewpd6748N) Old Market, Margoa-403601,Goa. (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) Assessee By Shri.Shrinivas Nayak.Ar Revenue By Smt.Manju Thakur.Sr.Dr सुनवाई की तारीख/Date Of Hearing 09.09.2025 घोषणा की तारीख/Date Of Pronouncement 15.09.2025 Order Per Pavan Kumar Gadale, Jm: These Two Appeals Are Filed By The Assesses (Husband & Wife) Against The Separate Orders Of The Cit(A) -1 Panaji Passed U/Sec143(3) & U/Sec 250 Of The Act. The Assesses Are Governed By The Portuguese Civil Code & Provisions Of Section 5A Of The Act. 2. Since The Issues Involved In These Two Appeals Are Common & Identical, Hence They Are Clubbed, Heard & Aconsolidated Order Is Passed. For The Sake Of Convenience

2) and u/se 142(1) of the Act. In compliance, the Ld.AR of the assesee appeared from time to time and submitted the details and explanations. Whereas the assesse has furnished the submissions in the assessment proceedings opting for the income @8% of the receipts/ gross revenue u/sec44AD of the Act and the A.O has dealt on the provisions

SALGAOCAR MINING INDUSTRIES PVT. LTD,PANAJI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 1, MARGAO

The appeal of the assessee is PARTLY ALLOWED in aforestated terms

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliassessment Years: 2006-2007 M/S Salgaocar Mining Industries Pvt Ltd. Salgaonkar Bhava, Altino, Panaji, Goa-403001. Pan: Aabcs8862N . . . . . . . Appellant V/S Dy. Commissioner Of Income Tax, Circle-1, Margao, Goa. . . . . . . . Respondent Represented Assessee By: Mr Sukhsagar Syal [‘Ld. Ar’] Revenue By: Ms Rijjula Uniyal [‘Ld. Dr’] Date Of Conclusive Hearing : 20/01/2026 Date Of Pronouncement : 29/01/2026 Order Per G. D. Padmahshali; This Assessee’S Appeal Filed U/S 253(1) Of The Income- Tax Act, 1961 [‘The Act’] Impugns The Order Dt. 20/03/2025 Passed U/S 250 Of The Act By Commissioner Of Income Tax(Appeals-2), Panaji [‘Ld. Cit(A)’] Which In Turn Dealt With Order Dt. 20/12/2011 Passed U/S 144 Of The Act By Dcit, Circle-1, Margao Goa [‘Ld. Ao’] Anent To Assessment Year 2006-07.[‘Ay’]

section 147 to 151 of the Act. This assessee’s post fact plea is a sheer example of principle of ‘Lex non cogit ad impossibilia’ that is asking the Ld. CIT(A) to do impossible. Admittedly, there was no legal ground alleged in Form No 35, and being so, the Ld. CIT(A) not duty bound to look into such

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

35. The grounds raised by the Revenue read as under:- “1. Whether on facts and in circumstances of the case, the Ld. CIT(A) erred in allowing fluctuation loss on sale proceeds of EEFC account, while such a notional loss being contingent in nature cannot be allowed to be set off against the taxable income? 2. Whether on facts

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

35. The grounds raised by the Revenue read as under:- “1. Whether on facts and in circumstances of the case, the Ld. CIT(A) erred in allowing fluctuation loss on sale proceeds of EEFC account, while such a notional loss being contingent in nature cannot be allowed to be set off against the taxable income? 2. Whether on facts

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.

35,000/- on 29.02.2004 2. Replacement of total computer networking system Rs. 4,91,600/- 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/-. Similarly, for AY 2005-06 following expenses have

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.

35,000/- on 29.02.2004 2. Replacement of total computer networking system Rs. 4,91,600/- 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/-. Similarly, for AY 2005-06 following expenses have

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

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

35 u/s 246A of the Act. Same was perused and noted that the said appeal was filed by the assessee on 17/02/2024 which is much after passing of impugned order under challenge therefore former arguments advanced by the Ld. AR and plea of the appellant assessee without necessitating much deliberation thereon/therefor stands rejected at the very threshold. ITAT-Panaji Page