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

1) of the Act as revenue in nature. ITAT-Panaji Page 9 of 16 VGM Export Vs JCIT, Margao ITA Nos.114/PAN/2023 AY: 2010-11 10. Before we hit the ground of adjudication on aforestated factual matrix, let set the dispute in clear terms. There is much less dispute that the impugned disallowance relates to forex fluctuation loss which is computed

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 1(1), PANAJI vs. SHIFFER AND MENEZES INDIA PVT. LTD, PANAJI

In the result, appeal of revenue is dismissed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawalassessment Year: 2009-10 Assistant Commissioner Of M/S. Schiffer & Menezes Income Tax, Circle-1(1), India (P) Ltd. Vs. Panaji, Goa Cmm Building, Rua De Ourem, Panaji, Goa (Pan: Aaccm0106E) (Appellant) (Respondent) Present For: Appellant By : Shri P. R. V. Raghavan, Ca Respondent By : Shri Mayur Kamble, Sr. Dr Date Of Hearing : 16.06.2022 Date Of Pronouncement : 02.09.2022 O R D E R Per Girish Agrawal: This Appeal By The Revenue Is Directed Against The Order Of Ld. Cit(A)-2, Panaji Vide

depreciation of Rs.2,00,58,145/- as claimed by the assessee in its return. Aggrieved, the department is in appeal before this Tribunal. 6. Ld. Sr. DR placed reliance on the order of the Ld. AO and referred to the calculation made in the assessment order which is reproduced as under: 5 M/s. Shiffer & Menezes India