PARKKOT MARITIME AGENCIES PRIVATE LIMITED.,GOA vs. JOINT COMMISSIONER OF INCOME TAX, MARGAO RANGE, MARGAO

In the result, both appeals filed by the assessee are allowed for statistical purposes

Bench: Shri Laliet Kumar, Jm & Dr. Mitha Lal Meena, Am

carry forward of loss from eligible business presuming that the eligible business is the only source of income. Such presumption, apart from creation of fiction upon fiction, results in total distortion of the provision. This is bad in law. Unless a fishing expedition is made into the past it will not be possible for the Income tax authorities to establish

M/S. AHILIABAI SARDESSAI, ,PANAJI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 1(1), PANAJI

In the result, appeal of assessee is allowed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawalassessment Year: 2015-16 M/S. Ahiliabai Sardessai Assistant Commissioner Of 301, Lotus Court, M. G. Income-Tax, Circle-1(1), Vs. Road, St. Inwz Junction, Panaji. Panaji, Goa-403001. (Pan: Aagfa9044G) (Appellant) (Respondent) Present For: Appellant By : Shri N. J. Prabhudesai, Ar Respondent By : Shri Mayur Kamble, Sr. Dr Date Of Hearing : 17.06.2022 Date Of Pronouncement : 30.08.2022 O R D E R Per Girish Agrawal: This Appeal By The Assessee Is Directed Against The Order Of Ld. Cit(A), Panaji-1 Vide Ita No. Cit(A), Pnj-1/10391/2017-18 Dated 14.09.2018 For A.Y. 2015-16 Passed Against The Assessment Order U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) By Acit, Circle-1(1), Panaji, Goa Dated 13.12.2017. 2. Shri N. J. Prabhudesai, Ar Appeared On Behalf Of The Assessee & Shri Mayur Kamble, Sr. Dr Appeared On Behalf Of The Revenue.

carried forward loss of Rs.60,473/-. During the year under assessment, Ld. AO noted that assessee has received dividend income of Rs.42,77,266/- which is claimed as exempt u/s. 10(34) of the Act and against which assessee has not disallowed

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

carried forward [‘C/f’] of total losses of ₹44,90,40,717/- of which current year business losses including unabsorbed depreciation of ₹3,21,300/- were ₹27,38,53,538/-. The return of the assessee was selected for scrutiny by issue of notice u/s 143(2) of the Act dt. 22/09/2019 and the consequential assessment

VIRUPAXAPPA SIDRAMAPPA BEMBALGI,BELAGAVI vs. INCOME TAX OFFICER, BELGAVU

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliita Nos. 011/Pan/2025 Assessment Year : 2017-18 M/S Virupakaxappa Sidramappa Bembalgi 580, Saraf Katta, Shahapur, Belgaum-590003. Pan : Aadfv3936F . . . . . . . Appellant

carried forward loss & deduction u/c VI-A of the Act etc. The case of the appellant was selected u/s 143(2) of the Act primarily to scrutinise impact of tax auditor’s ITAT-Panaji Page 3 of 18 M/s Virupakaxappa Sidramappa Bembalgi Vs ITO, Belgaum ITA Nos.011/PAN/2025 AY: 2017-18 comment/reporting made against ‘clause 13(e)’ of Form

ZUARI MANAGEMENT SERVICES LTD.,GOA vs. DEPUTY COMMISIONER OF INCOME-TAX, CIRCLE - 1, MARGAO

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliassessment Years: 2009-10 M/S Zuari Management Services Ltd. (Erstwhile Zuari Infrastructure & Developers Ltd., Formerly Zuari Sez Ltd.) Jai Kisaan Nagar, Zuari Nagar, Goa. Pan: Aaacz2903Q . . . . . . . Appellant V/S Dy. Commissioner Of Income Tax, Circle-1, Margao, Goa. . . . . . . . Respondent Represented Assessee By: Mr Salil Kapoor [‘Ld. Ar’] Revenue By: Mr Senthil Kumar N [‘Ld. Dr’] Date Of Conclusive Hearing : 29/01/2026 Date Of Pronouncement : 06/02/2026 Order Per G. D. Padmahshali; This Assessee’S Appeal Filed U/S 253(1) Of The Income-

carry forward [‘c/f’] of business loss [‘BL’] of ₹3,61,09,708/- and long-term capital loss [‘LTCL’] of ₹46,51,437/-. Subsequent to processing of said return summarily u/s 143(1) of the Act, the case of the assessee vide notice dt. 28/12/2011 was selected for scrutiny and an assessment u/s 143(3) of the Act was passed whereby

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

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 clause (f) of section 115JB of the Act, and same can find

PRIME MINERAL EXPORTS PRIVATE LIMITED (NOW AMALGAMATED WITH FOMENTO RESOURCES PRIVATE LIMITED),PANAJI vs. JOINT COMMISSIONER OF INCOME TAX, RANGE - 1, PANAJI

The appeal stands partly allowed for statistical purpose in aforestated terms

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliita Nos. 003/Pan/2023 Assessment Year : 2009-10 Prime Mineral Exports Pvt. Ltd. (Now Amalgamated With Fomento Resources Pvt. Ltd.) 102, 1St Fl. Kamat Metropolis-1, Behind Caculo Mall, St. Inez, Panaji, Goa-403001. . . . . . . .Appellant Pan : Aadcp1647E V/S Jt. Commissioner Of Income Tax, . . . . . . . Respondent Range-1, Panaji, Goa

carrying out the disallowance, therefore found no merit in the contentions & relevant ground of the appeal. ITAT-Panaji Page 23 of 42 Prime Mineral Exports Pvt. Ltd.(Now Amalgamated with Fomento Resources Pvt. Ltd.) Vs JCIT, Panaji ITA Nos.003/PAN/2023 AY: 2009-10 5.21 Now coming to alternate plea of the appellant for considering only such investment which yielded exempt income

M/S DEMPO RESORTS PRIVATE LIMITED,PANAJI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 2, MARGAO

In the result, the appeal of the assessee is allowed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawalassessment Year: 2012-13 M/S. Dempo Resorts Acit, Circle-2, Margao Private Limited Empressa Dempo, Mala Vs. Fontainhas, Panaji, Goa – 403 001. Pan: Aaccd 2126 R (Appellant) (Respondent) Present For: Appellant By : Shri Rajesh Naik, Accountant Respondent By : Shri Mayur Kamble, Sr. Dr Date Of Hearing : 13.06.2022 Date Of Pronouncement : 15.06.2022 O R D E R Per Girish Agrawal: This Appeal By The Assessee Is Arising Out Of The Order Of Ld. Cit(A) – 2, Panaji In Ita No. 390/Cit(A)/Pnj-1/2014-15 Re-Numbered As Ita No. 342/Cit(A)-2/Pnj/2017-18 Dated 23.01.2018 Against The Order Passed By Acit, Circle-1(1), Panaji U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Referred To As The ‘Act’) Dated 29.12.2014. 2. The Grounds Taken By The Assessee In The Present Appeal Are Reproduced As Under:

disallow the claim of these expenses u/s 40(a)(ia) of the Act. Accordingly, the total loss was assessed at Rs. 43,60,000/- which was allowed to be carry forward

JCIT, SPECIAL RANGE, PANAJI vs. M/S WALLACE PHARMACEUTICALS PVT. LTD, PANAJI

Bench: Shri Satbeer Singh Godara & Shri Inturi Rama Rao

disallowing the assessee’s foreign exchange losses of Rs.5,08,39,412/-. The CIT(A)'s findings extracted in preceding paragraphs stand upheld therefore. The Revenue fails in its first and former appeal ITA.No.289/PAN./2019. 5. The outcome would be hardly any different in Revenue’s latter appeal ITA.No.290/PAN./2019 involving sec.271(1)(c) penalty issue of Rs.3

JCIT, SPECIAL RANGE, PANAJI vs. M/S WALLACE PHARMACEUTICALS PVT. LTD, PANAJI

Bench: Shri Satbeer Singh Godara & Shri Inturi Rama Rao

disallowing the assessee’s foreign exchange losses of Rs.5,08,39,412/-. The CIT(A)'s findings extracted in preceding paragraphs stand upheld therefore. The Revenue fails in its first and former appeal ITA.No.289/PAN./2019. 5. The outcome would be hardly any different in Revenue’s latter appeal ITA.No.290/PAN./2019 involving sec.271(1)(c) penalty issue of Rs.3

GOA ELECTRONICS LIMITED,PANAJI vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CPC, BENGALURU

Bench: Hon’Ble Shri S. S. Godara & Shri G. D. Padmahshaliआयकर अपीलसं. / Ita No. 41/Pan/2021 धििाारण वर्ा / Assessment Year : 2018-19 Goa Electronics Ltd., Ground Floor, Sharma Shakti Bhavan, Edc Complex, Patto, Panaji, Goa – 403 001 . . . . . . . अपीलाथी / Appellant Pan:Aaacg7029G

forward losses at (-) ₹60,90,693/-. 3.2 The return of income was processed u/s 143(1) of the Act on 07/08/2020 with an addition u/s 36(1)(va) of the Act thus determined the total income at ₹13,15,486/-, vide intimation dt. 19/10/2019. While doing so, the AO made a disallowance

MUKTAR AUTOMOBILES PRIVATE LIMITED,VERNA vs. DCIT, CPC, BENGALURU

Bench: Hon’Ble Shri S. S. Godara & Shri G. D. Padmahshaliआयकर अपीलसं. / Ita No. 41/Pan/2021 धििाारण वर्ा / Assessment Year : 2018-19 Goa Electronics Ltd., Ground Floor, Sharma Shakti Bhavan, Edc Complex, Patto, Panaji, Goa – 403 001 . . . . . . . अपीलाथी / Appellant Pan:Aaacg7029G

forward losses at (-) ₹60,90,693/-. 3.2 The return of income was processed u/s 143(1) of the Act on 07/08/2020 with an addition u/s 36(1)(va) of the Act thus determined the total income at ₹13,15,486/-, vide intimation dt. 19/10/2019. While doing so, the AO made a disallowance

M/S SIDDHARTH NATURAL FOOD RESOURCES PRIVATE LIMITED,KUNDAIM vs. ACIT, CIRCLE - 2(1), PANAJI

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

Bench: Shri Inturi Rama Rao, Am & Shri S. S. Viswanethra Ravi, Jm आयकर अपील सं. / Ita No.187/Pan/2017 िनधा"रण वष" / Assessment Year : 2009-10 M/S. Siddharth Natural Food Resources Private Limited, Plot No.83, Kundaim Industrial Estate, Kundaim, Panaji- 403001. .......अपीलाथ" / Appellant Pan : Aalcs5815K बनाम / V/S. Acit, Circle-2(1), ……""यथ" / Respondent Panaji. Assessee By : None Revenue By : Shri Sourabh Nayak सुनवाई क" तारीख / Date Of Hearing : 09.11.2021 घोषणा क" तारीख / Date Of Pronouncement : 12.11.2021 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of Ld. Commissioner Of Income Tax (Appeals)-1, Panaji (‘Cit(A)’ For Short) Dated 08.02.2017 For The Assessment Year 2009-10. 2. The Appellant Raised The Following Grounds Of Appeal :- “1) The Order Of The Learned Cit(A) Is Bad In Law & Is Void-Ab-Initio. 2) The Assessment Order Passed By The Ld.Ao U/S 143(3) Of The Income Tax Act, 1961, Is Without Jurisdiction & Bad In Law. 3) The Ld.Cit(A) Has Erred In Sustaining The Disallowance Of Rs.3,35,25,800/- Made By The Ao, Whereas The Deduction Claimed By The Assessee U/S 80Ib Was Only Rs.50,00,194/-. 4) The Ld Ao Has Erred In Disallowing The Profit As Per Profit & Loss Account Of Rs.3,35,25,800/- Whereas The Profit As Per The Income Tax Act, 1961 Was Only Rs.50,00,194/- Which Was Claimed As Deduction U/S 80Ib In The Return Of Income Filled By The Assessee. Hence The Maximum Addition By Way Of Disallowance Of Assessee Claim Of Deduction U/S 80Ib Can Be Only Rs.50,00,194/-.

loss account of Rs.3,35,25,800/- whereas the profit as per the Income Tax Act, 1961 was only Rs.50,00,194/- which was claimed as deduction u/s 80IB in the return of income filled by the assessee. Hence the maximum addition by way of disallowance of assessee claim of deduction u/s 80IB can be only Rs.50

M/S GOA NATURAL FOODS PRIVATE LIMITED,KUNDAIM vs. ACIT, CIRCLE - 2(1), PANAJI

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

Bench: Shri Inturi Rama Rao, Am & Shri S. S. Viswanethra Ravi, Jm आयकर अपील सं. / Ita No.188/Pan/2017 िनधा"रण वष" / Assessment Year : 2009-10 M/S. Goa Natural Foods Pvt. Ltd., Plot No.37 & 38, Kundaim Industrial Estate, Kundaim, Panaji- 403001. .......अपीलाथ" / Appellant Pan : Aaccg7564Q बनाम / V/S. Acit, Circle-2(1), ……""यथ" / Respondent Panaji. Assessee By : None Revenue By : Shri Sourabh Nayak सुनवाई क" तारीख / Date Of Hearing : 08.11.2021 घोषणा क" तारीख / Date Of Pronouncement : 11.11.2021 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of Ld. Commissioner Of Income Tax (Appeals)-1, Panaji (‘Cit(A)’ For Short) Dated 08.02.2017 For The Assessment Year 2009-10. 2. The Appellant Raised The Following Grounds Of Appeal :- “1) The Order Of The Learned Cit(A) Is Bad In Law & Is Void-Ab-Initio. 2) The Assessment Order Passed By The Ld.Ao U/S 143(3) Of The Income Tax Act, 1961, Is Without Jurisdiction & Bad In Law. 3) The Ld.Cit(A) Has Erred In Sustaining The Disallowance Of Rs.2,77,54,053/- Made By The Ao, Whereas The Deduction Claimed By The Assessee U/S 80Ib Was Only Rs.1,64,18,999/-. 4) The Ld Ao Has Erred In Disallowing The Profit As Per Profit & Loss Account Of Rs.2,77,54,053/- Whereas The Profit As Per The Income Tax Act, 1961 Was Only Rs.1,64,18,999/- Which Was Claimed As Deduction U/S 80Ib In The Return Of Income Filled By The Assessee. Hence The Maximum Addition By Way Of Disallowance Of Assessee Claim Of Deduction U/S 80Ib Can Be Only Rs.1,64,18,999/-.

loss account of Rs.2,77,54,053/- whereas the profit as per the Income Tax Act, 1961 was only Rs.1,64,18,999/- which was claimed as deduction u/s 80IB in the return of income filled by the assessee. Hence the maximum addition by way of disallowance of assessee claim of deduction u/s 80IB can be only Rs.1

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 1(1), PANAJI vs. M/S MILROC GOOD EARTH PROPERTY AND DEVELOPERS LLP, PANAJI

In the result, cross-objection filed by the assessee in CO No

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं./Ita No. 26/Pan/2018 ""या"ेपसं./Co.No.06/Pan/2018 (Arising Out Of Ita No.26/Pan/2018) "नधा"रण वष" /Assessment Year : 2013-14 The Assistant Commissioner Of Income Tax Circle-1(1), Panaji, Goa .......अपीलाथ" / Appellant बनाम / V/S. M/S. Milroc Good Earth Property & Developers Llp, 501, 5Th Floor Milroc Lar Menezes, S.V. Road, Panaji-Goa - 403001 Pan : Aaacg7222M ……""यथ" / Respondent

carried the matter in appeal before us. 6. At the very outset of hearing of the appeal the Ld. Departmental Representative (for short ‘DR’), submitted, that the CIT(Appeals) had gravely erred in vacating the disallowance of assessee’s claim for deduction of interest paid on bank OD of Rs.1,61,56,414/-. It was submitted

BEIERSDORF INDIA (P) LTD.,PANAJI vs. INCOME TAX OFFICER, WARD - 2(4),, PANAJI

In the result, appeal of assessee is partly allowed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawal

loss, the assessee has written off 50% of total dues which should be allowed. Since the assets of defaulters are attached and the assessee feel that it would be able to recover only 50% of total dues, therefore, remaining 50% has been written-off as bad debts in its books of account which is allowable under section

M/S AHILIABAI SARDESSAI,PANAJI vs. ACIT, CIRCLE - 1(1), PANAJI

In the result, appeal of the assessee in ITA No

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita Nos. 378 & 379/Pan/2017 "नधा"रण वष" / Assessment Years : 2010-11 & 2012-13 M/S. Ahilibai Sardessai 301, Lotus Court, M.G. Road, St. Inez Junction, Panaji-Goa-403 001 Pan : Aagfa9044G .......अपीलाथ" / Appellant बनाम / V/S. The Assistant Commissioner Of Income Tax, Circle-1(1), Panaji-Goa. ……""यथ" / Respondent Assessee By : Shri D.E. Robinson, Ar Revenue By : Shri Sourabh Nayak, Sr. Dr सुनवाई क" तार"ख / Date Of Hearing :22.02.2022 घोषणा क" तार"ख / Date Of Pronouncement : 31.03.2022

loss account of the firm. 4. For these and such other reasons that may be urged at the time of hearing it is prayed that the disallowances be set aside in entirety and the order of CIT(Appeals) be modified accordingly. 5. The appellant prays leave to add, to alter and amend any of the above grounds of appeal

M/S AHILIABAI SARDESSAI,PANAJI vs. ACIT, CIRCLE - 1(1), PANAJI

In the result, appeal of the assessee in ITA No

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita Nos. 378 & 379/Pan/2017 "नधा"रण वष" / Assessment Years : 2010-11 & 2012-13 M/S. Ahilibai Sardessai 301, Lotus Court, M.G. Road, St. Inez Junction, Panaji-Goa-403 001 Pan : Aagfa9044G .......अपीलाथ" / Appellant बनाम / V/S. The Assistant Commissioner Of Income Tax, Circle-1(1), Panaji-Goa. ……""यथ" / Respondent Assessee By : Shri D.E. Robinson, Ar Revenue By : Shri Sourabh Nayak, Sr. Dr सुनवाई क" तार"ख / Date Of Hearing :22.02.2022 घोषणा क" तार"ख / Date Of Pronouncement : 31.03.2022

loss account of the firm. 4. For these and such other reasons that may be urged at the time of hearing it is prayed that the disallowances be set aside in entirety and the order of CIT(Appeals) be modified accordingly. 5. The appellant prays leave to add, to alter and amend any of the above grounds of appeal