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

5. On careful consideration of the above rival submissions, from the assessment order we observed that before the A.O. the assessee filed written submissions dated 14.12.2016, which reads as follows : 7 ITA.No.337/PAN./2018 Beiersdorf India Pvt. Ltd., Panaji, Goa. “We had invested in commodity contract. The total outstanding as on 31.3.2014 was Rs.4,80,13,874/-. The cases

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 2, BELAGAVI vs. M/S NIRANI SUGARS LIMITED, BELAGAVI

In the result, the appeal of the Revenue is dismissed

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

11 DCIT v. Nirani Sugars Ltd. sub-section (1) of section 32 of the Income-tax Act makes it clear that the depreciation at a prescribed rate on the asset as specified in clause (i) would be on actual cost instead of written down value (WDV). Further Explanation 5 to sub-section (1) of section 32 of the Income

M/S VEEJAY FACILITY MANAGEMENT PVT. LTD,PANAJI vs. DCIT, CPC, BANGALORE

Appeal is dismissed in above terms

Bench: Shri Satbeer Singh Godara & Shri G.D. Padmahshali

5 ITA.No.1/PAN./2022 claim, if such incorrect claim is apparent from any information in the return”. The expression “an incorrect claim apparent from any information in the return” has not been generally used in the provision. Rather, it has been specifically defined in Explanation (a) to section 143(1) as under: `Explanation.—For the purposes of this sub-section

M/S SANGAM SOUHARD CREDIT SAHAKARI LIMITED,BAGALKOT vs. DCIT, CPC, BANGALORE

Appeals are ALLOWED

Bench: Shri Satbeer Singh Godara & Shri G. D. Padmahshali(Through Virtual Hearing From Pune) आयकर अपऩल सं. / Ita No. 001/Pan/2023 निर्धारण वषा / Assessment Year : 2018-19 Shri Bhagyalaxmi Co-Operative Credit Society Ltd., Mallapur, Pg Main Rd., Ghataprabha, Karnataka-591306 Pan: Aaaas5624D . . . . . . . अपीलार्थी / Appellant बिधम / V/S Dy. Commissioner Of Income Tax, Cpc, Bengaluru . . . . . . . प्रत्यर्थी / Respondent & आयकर अपऩल सं. / Ita No. 030/Pan/2023 निर्धारण वषा / Assessment Year : 2018-19 M/S Sangam Souharda Credit Sahakari Ltd., A/P. Galgali, Taluka-Bilgi, Dist.-Bagalkot-587117 Pan: Aaeas3685G . . . . . . . अपीलार्थी / Appellant बिधम / V/S Dy. Commissioner Of Income Tax, Cpc, Bengaluru . . . . . . . प्रत्यर्थी / Respondent द्वधरध / Appearances Assessee By : Mr Sateesh Nadagouda For Ita No. 001& None For Ita No. 030 [‘Ld. Ar’] Revenue By : Mr N. Shrikanth [‘Ld. Dr’] सुनवाई की तारीख / Date Of Conclusive Hearing : 07/08/2023 घोषणा की तारीख / Date Of Pronouncement : 01/09/2023 आदेश / Order Per G. D. Padmahshali, Am; These Two Appeals Of Different Assessee Are Instituted U/S 253(1) Of Income-Tax Act, 1961 [‘The Act’ Hereafter] Against Respective Orders Passed U/S 250 Of The Act By National Faceless Appeal Centre, Delhi [‘Nfac’ Hereafter] For Assessment Year 2018-19 [‘Ay’ Hereinafter].

11. In present appeals we note that, the appellant societies have furnished their ITR albeit beyond the prescribed due date (filed belated) and however those were filed with an eligible claim for 80P deduction therein. Therefore jurisdiction of Ld. CPC s/c (v) of clause (a) of sub section (1) of section 143 of the Act is not available

SHRI BHAGYALAXMI CO-OPERATIVE CREDIT SOCIETY LIMITED,MALLAPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CPC, BANGALURU

Appeals are ALLOWED

Bench: Shri Satbeer Singh Godara & Shri G. D. Padmahshali(Through Virtual Hearing From Pune) आयकर अपऩल सं. / Ita No. 001/Pan/2023 निर्धारण वषा / Assessment Year : 2018-19 Shri Bhagyalaxmi Co-Operative Credit Society Ltd., Mallapur, Pg Main Rd., Ghataprabha, Karnataka-591306 Pan: Aaaas5624D . . . . . . . अपीलार्थी / Appellant बिधम / V/S Dy. Commissioner Of Income Tax, Cpc, Bengaluru . . . . . . . प्रत्यर्थी / Respondent & आयकर अपऩल सं. / Ita No. 030/Pan/2023 निर्धारण वषा / Assessment Year : 2018-19 M/S Sangam Souharda Credit Sahakari Ltd., A/P. Galgali, Taluka-Bilgi, Dist.-Bagalkot-587117 Pan: Aaeas3685G . . . . . . . अपीलार्थी / Appellant बिधम / V/S Dy. Commissioner Of Income Tax, Cpc, Bengaluru . . . . . . . प्रत्यर्थी / Respondent द्वधरध / Appearances Assessee By : Mr Sateesh Nadagouda For Ita No. 001& None For Ita No. 030 [‘Ld. Ar’] Revenue By : Mr N. Shrikanth [‘Ld. Dr’] सुनवाई की तारीख / Date Of Conclusive Hearing : 07/08/2023 घोषणा की तारीख / Date Of Pronouncement : 01/09/2023 आदेश / Order Per G. D. Padmahshali, Am; These Two Appeals Of Different Assessee Are Instituted U/S 253(1) Of Income-Tax Act, 1961 [‘The Act’ Hereafter] Against Respective Orders Passed U/S 250 Of The Act By National Faceless Appeal Centre, Delhi [‘Nfac’ Hereafter] For Assessment Year 2018-19 [‘Ay’ Hereinafter].

11. In present appeals we note that, the appellant societies have furnished their ITR albeit beyond the prescribed due date (filed belated) and however those were filed with an eligible claim for 80P deduction therein. Therefore jurisdiction of Ld. CPC s/c (v) of clause (a) of sub section (1) of section 143 of the Act is not available

ALLAMAPRABHU VUSS NI, KALLOLI,KALLOLI vs. INCOME TAX OFFICER, WARD - 1, GOKAK

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliita Nos. 063/Pan/2025 Assessment Year : 2018-19 Allamaprabhu Vuss Niyamit Kalloli 09, Allamaprabhu Vuss Niyamit Kalloli, Kalloli So Dist. Belagavi. Pan : Aafaa8818E . . . . . . . Appellant

11 Allamaprabhu VUSS Niyamit Kalloli Vs ITO, Gokak ITA Nos.063/PAN/2025 AY: 2018-19 5. As we note, the rival parties has no dispute over the application of provisions of section 80AC(ii) of the Act which for the purpose of allowance of claim u/c VI-A of the Act mandates the filing of return with a such claim therein within

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

disallowance as per Rule 8D(2)(iii) and not on the basis of the average of total value of investments appearing in the audited balance sheet of the appellant. 3. ⁠(a) The CIT(A) erred in confirming the addition of Rs. 1,10,11,120/- made by the AO on account of alleged discrepancy in valuation of closing stock

M/S SHIRAGAO PRATHAMIK KRISHI PATTIN SAHAKARI BANK NIYAMIT,BELAGAVI vs. INCOME TAX OFFICER, WARD - 1(3), BELAGAVI

The appeals of the assessee are allowed

Bench: Shri Satbeer Singh Godara

disallowed the deduction for violation of Section 80P(2)(d) of the Income Tax Act (in brevity the Act). In relation to restriction u/s 80P(4) of the Act. The interest was added back with the total income as income amount of Rs.857,533/- as income from other sources. The Revenue authorities had relied on the order

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

11,60,784/- confirmed by CIT(A) on the basis of conjecture and surmises be deleted in full. 3. (a) The CIT(A) erred in confirming the disallowance made by the AO under section 14A of the Act read with Rule 8D of the Income Tax Rules, 1962 amounting to Rs.1,05,21,316/-. The whole of the addition

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

11,60,784/- confirmed by CIT(A) on the basis of conjecture and surmises be deleted in full. 3. (a) The CIT(A) erred in confirming the disallowance made by the AO under section 14A of the Act read with Rule 8D of the Income Tax Rules, 1962 amounting to Rs.1,05,21,316/-. The whole of the addition

THE BHAGWATI URBAN CO-OP. CREDIT SOCIETY LTD.,PERNEM vs. THE INCOME TAX OFFICER, WARD-2(3), PANAJI

The appeals of the assessee are allowed

Bench: Shri Satbeer Singh Godara

disallowed the deduction for violation of Section 80P(2)(d) of the Income Tax Act (in brevity the Act). In relation to restriction u/s 80P(4) of the Act. The interest was added back with the total income as income amount of Rs.857,533/- as income from other sources. The Revenue authorities had relied on the order

PRATHAMIK KRISHI PATTIN SAHAKARI NIYAMIT,SALAPUR vs. ITO, WARD - 1(5), BELAGAVI

The appeals of the assessee are allowed

Bench: Shri Satbeer Singh Godara

disallowed the deduction for violation of Section 80P(2)(d) of the Income Tax Act (in brevity the Act). In relation to restriction u/s 80P(4) of the Act. The interest was added back with the total income as income amount of Rs.857,533/- as income from other sources. The Revenue authorities had relied on the order

SHRI BASAVESHWAR PRATHAMIK KRISHI PATTIN SAHAKARI SANGHA N SUNADHOLI,SUNADHOLI vs. INCOME TAX OFFICER, GOKAK

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliita Nos. 030/Pan/2025 Assessment Year : 2018-19 Shri Basaveshwar Prathamik Krishi Pattin Sahakari Sangha At Post: Sundholi, Ta.: Sundholi Dist. Belagavi.-591310 Pan : Aahas0468A . . . . . . . Appellant

5) of section 80A and clause (ii) of section 80AC of the Act, the later rider is seems to have rightly attracted. For the reasons the Ld. CPC rejected the claim while processing the ITR summarily u/s 143(1) of the Act, and finding no fault therewith the Ld. NFAC has dismissed the appeal on this score. 11. In present

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

disallowance of (i) total URD purchases of ₹1,61,75,480/- and (ii) Labour charges paid for ornamentation ₹3,86,340/- or Option- (B) addition of ₹45,29,674/- on account of estimation of gross profit @40% of estimated ad-hoc sales/turnover of ₹250Lakhs. Since the first option(A) will result into profit of more than the turnover

PRIYADARSHANI MAHILA CO-OP CR. SOCIETY LTD,BELAGAVI vs. DCIT, CPC, BANGALORE

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliita Nos. 032/Pan/2025 Assessment Year : 2019-20 Priyadarshani Mahila Co-Op. Society Ltd. At Post: Kognoli, Ta.: Nippani Dist. Belagavi. Pan : Aabap2582L . . . . . . . Appellant

5) of section 80A and clause (ii) of section 80AC of the Act, the later rider is seems to have rightly attracted. For the reasons the Ld. CPC rejected the claim while processing the ITR summarily u/s 143(1) of the Act, and finding no fault therewith the Ld. NFAC has dismissed the appeal on this score. 11. In present

BANDEKAR BROTHERS PRIVATE LIMITED,VASCO-DA-GAMA, GOA vs. ASSISTANT COMMISSIONER OF INCOME TAX, PANAJI, GOA

The appeal of the assessee is PARTLY ALLOWED in aforestated terms

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliassessment Years: 2013-14 Bandekar Brothers Pvt. Ltd. Post Box No. 11, Suvarna Bandekar Bldg., Swatantra Path, Vasco-Da-Gama Goa-403802 Pan: Aaacb5502B . . . . . . . Appellant V/S Asstt. Commissioner Of Income Tax, Circle-2(1), Panaji, Goa. . . . . . . . Respondent Represented Assessee By: Mr Pramod & Mr Shriniwas Deshpande [‘Ld. Ar’] Revenue By: Mr M Satish & Mr Renga Rajan [‘Ld. Dr’] Date Of Conclusive Hearing : 12/01/2026 Date Of Pronouncement : 11/02/2026 Order Per G. D. Padmahshali; This Assessee’S Appeal Filed U/S 253(1) Of The Income-

11) to cover both tangible and intangible assets for depreciation. ITAT-Panaji Page 37 of 39 M/s Bandekar Brothers Pvt. Ltd. Vs ACIT ITA No. 038/PAN/2025 AY: 2013-14 37. Section 32 of the Act on the other hand, allows a deduction for depreciation on tangible (buildings, furniture & fixture and Plant & machinery) as well as on intangible assets (know

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)

11) to cover both tangible and intangible assets for depreciation. 37. Section 32 of the Act on the other hand, allows a deduction for depreciation on tangible (buildings, furniture & fixture and Plant & machinery) as well as on intangible assets (know-how, patents, copyrights, licenses, franchises) owned and used for business or professional purposes. 38. In the present case, the impugned

FOMENTO KARNATAKA MINING COMPANY PRIVATE LIMITED (NOW AMALGAMATED WITH FOMENTO RESOURCES PRIVATE LIMITED,PANAJI vs. JOINT COMMISSIONER OF INCOME TAX, MARGAO RANGE, MARGAO

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

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhuryआयकर अपील सं. / Ita No.26/Pan/2021 िनधा"रण वष" / Assessment Year : 2009-10 Fomento Karnataka Mining Vs. Jcit, Margao Range, Company Private Limited, Margao, Goa. (Now Amalgamated With Fomento Resources Private Limited), 102, 1St Floor, Kamat Metropolis-I, Behind Caculo Mall, St. Inez, Panaji, Goa- 403001. Pan : Aaacf7487K Appellant Respondent Assessee By : Shri Nishant Thakkar Revenue By : Shri N. Shrikanth Date Of Hearing : 17.08.2023 Date Of Pronouncement : 29.08.2023 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)-2, Panaji [‘The Cit(A)’] Dated 27.08.2021 For The Assessment Year 2009-10. 2 2. Briefly, The Facts Of The Case Are That The Appellant Is A Company Incorporated Under The Provisions Of The Companies Act, 1956. It Is Engaged In The Business Of Processing & Trading In The Iron Ore. The Return Of Income For The Assessment Year 2009-10 Was Filed On 30.09.2009 Declaring Total Income Of Rs.26,40,77,220/-. Against The Said Return Of Income, The Assessment Was Completed By The Joint Commissioner Of Income Tax, Margao Range, Margao (‘The Assessing Officer’) Vide Order Dated 30.12.2011 Passed U/S 143(3) Of The Income Tax Act, 1961 (‘The Act’) At A Total Income Of Rs.26,63,57,955/-. While Doing So, The Assessing Officer Made Disallowance U/S 14A Of Rs.15,49,787/-, Disallowance On Account Of Sundry Creditors Extracting As Fictitious Of Rs.7,30,948/-. 3. Being Aggrieved, An Appeal Was Filed Before The Ld. Cit(A) Contending That No Disallowance U/S 14A Is Required To Be Made In The Absence Of Any Expenditure Incurred To Earn The Exempt Income. It Was Also Contended That No Addition On Account Of Outstanding Creditors Is Required To Be Made, As The Credits Represent The Opening

section 14A was not correct. It will be in those cases where the assessee in his return has himself apportioned but the Assessing Officer was not accepting the said apportionment. In that eventuality, it will have to record its satisfaction to this effect. Further, while recording such a satisfaction, the nature of the loan taken by the assessee for purchasing

RYATAR SAHAKARI SAKKARE KARKHANE NIYAMIT.,HUBLI vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-1. BIJAPUR., BIJAPUR

Appeals are allowed for statistical purposes in above terms

Bench: Shri Satbeer Singh Godara & Shri G.D. Padmahshali

5. Facts giving rise to filing of these appeals briefly stated are that the appellant which is the Co- operative Society of Sugarcane was carrying on the activity of manufacturing sugar and bye products. It was engaging 9 ITA.Nos.152 to 161/PAN./2015 Ryatar Sahakari Sakkare Karkhane Niyamit, Timmapur Bagalkot Tq Karnataka services of harvesting, cutting and transporting sugarcane from