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
ITA 393/PAN/2018[2004-05]Status: DisposedITAT Panaji30 Aug 2022AY 2004-05
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.
For Appellant: NoneFor Respondent: Shri Mayur Kamble, Sr. DR
Section 143(3)Section 147Section 148
55 rooms. The ledger accounts, the narrations are fully verified and the sample checking of supporting bills/invoices have been done and it is found that except
A.Ys. 2004-05 & 2005-06
following items which are replacement to old, damaged and outdated items, other are repairs and maintenance.” Thus the Ld. AO in the remand proceedings held that the following expenses
