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

section 14A r.w. Rule 8D of I.T. Rules. Accordingly, the Ld. CIT(A) partly allowed the claim of assessee. 22. Still aggrieved, the assessee is in appeal before the Tribunal contending, inter alia, that the AO may be directed to calculate the disallowance attributable to exempted income as per Rule 8D (2)(iii) of the I.T. Rules 1962 by considering

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

section 14A r.w. Rule 8D of I.T. Rules. Accordingly, the Ld. CIT(A) partly allowed the claim of assessee. 22. Still aggrieved, the assessee is in appeal before the Tribunal contending, inter alia, that the AO may be directed to calculate the disallowance attributable to exempted income as per Rule 8D (2)(iii) of the I.T. Rules 1962 by considering

SHREE AMBEY FORGING PRIVAT LIMITED,PANAJI vs. ITO, WARD - (4), PANAJI

In the result, both appeals of the assessee are allowed

disallowance on such deduction. Hence, it cannot be held that Assessing Officer has not conducted any enquiry or investigated the issue which he was required to do so before allowing the claim of deduction u/s 80 IA or has allowed without examining the assessee's transaction with its subsidiary, Noida Towers Private Limited. 24. One of the key allegations

SCORPIO IRON LTD,PANAJI vs. ITO, WARD - 1(4), PANAJI

In the result, both appeals of the assessee are allowed

disallowance on such deduction. Hence, it cannot be held that Assessing Officer has not conducted any enquiry or investigated the issue which he was required to do so before allowing the claim of deduction u/s 80 IA or has allowed without examining the assessee's transaction with its subsidiary, Noida Towers Private Limited. 24. One of the key allegations

SHRI NITIN A SHIRGURKAR,BELGAVI vs. PR. CIT, HUBBALI

In the result, the appeal of the assessee is allowe

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

27,36,096/- to co-operative societies without TDS is liable to be disallowed societies without TDS is liable to be disallowed @30% u/s 40(a)(ia) ignoring the @30% u/s 40(a)(ia) ignoring the provisions of section

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

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 force in the decision of Hon’ble Apex Court in the case of “Ajanta Pharma Ltd Vs CIT” reported

M/S SHREE BALAJI CONCEPTS,MARGAO vs. INCOME TAX OFFICER (INTERNATIONAL TXATION), WARD -1, PANAJI

The appeal of the assessee is allowed in the terms indicated as above

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjeei.T.A. No. 73/Pan/2018 Assessment Year: 2012-13

27[(not being interest referred to in section 194LB or section 194LC)I 28[or section 194LD] 29[***] or any other sum chargeable under the provisions of this Act (not being income chargeable under the head "Salaries" 31[***]) shall, at the time of credit of such income to the account of the payee or at the time of payment thereof

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

27,447/- disallowance u/s 40(a) r.w.s. 195 of the Act for non-deduction of tax at source from sampling charges paid to Hongkong Party and (c) ₹1,14,11,643/- disallowance of forex fluctuation loss claimed in respect of closing balance of sale proceeds held in Exchange Earners Foreign Currency Account [‘EEFC A/c’ hereinafter] maintained with two IDBI banks

THE BELGAUM URBAN CREDIT SOUHARDA SAHAKARI LIMITED,BELGAVI vs. INCOME TAX OFFICER, WARD - 2(1), BELGAVI

In the result, appeal in ITA No

Bench: Shri Partha Sarathi Chaudhury, Jm

27-08-2013 disallowing the claim of deduction u/s 80P(2)(a)(i) of the Act. The ld. A.O observed vide para 4 of his decision that if the income of a Co-operative Society includes profits and gains of banking including providing credit facilities carried on by such Co-operative Society it will not be exempt from

THE BELGAUM URBAN CREDIT SOUHARDA SAHAKARI LIMITED,BELGAVI vs. INCOME TAX OFFICER, WARD - 2(1), BELGAVI

In the result, appeal in ITA No

Bench: Shri Partha Sarathi Chaudhury, Jm

27-08-2013 disallowing the claim of deduction u/s 80P(2)(a)(i) of the Act. The ld. A.O observed vide para 4 of his decision that if the income of a Co-operative Society includes profits and gains of banking including providing credit facilities carried on by such Co-operative Society it will not be exempt from

INFRASTRUCTURE LOGISTICS PVT. LTD.,DONA PAULA vs. JOINT COMM. OF INCOME TAX, RANGE - 1, PANAJI

In the result, appeal of the assessee in ITA No

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita No. 380/Pan/2017 "नधा"रण वष" / Assessment Year : 2009-10 Infrastructure Logistics Pvt. Ltd. Cidade De Goa, Vainguinim Beach, Dona Paula, Goa-403 004. Pan : Aaaci9107R .......अपीलाथ" / Appellant बनाम / V/S. The Joint Commissioner Of Income Tax, Range-1, Panaji-Goa, ……""यथ" / Respondent आयकर अपील सं. / Ita No. 381/Pan/2017 "नधा"रण वष" / Assessment Year : 2009-10 The Assistant Commissioner Of Income Tax, Central Circle, Panaji-Goa, .......अपीलाथ" / Appellant बनाम / V/S.

section 14A of the Act read with rule 8D of the Income Tax Rules, 1962. (c) Without prejudice to the ground numbers 2(a) & (b), the CIT(A) in not allowing the alternative ground of the appellant that the average of the value of investments which yielded exempted income alone is to be considered for calculating disallowance as per rule

ASSTT. COMM. OF INCOME TAX, CENTRAL CIRCLE, PANAJI vs. INFRASTRUCTURE LOGISTICS PVT. LTD., DONA PAULA

In the result, appeal of the assessee in ITA No

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita No. 380/Pan/2017 "नधा"रण वष" / Assessment Year : 2009-10 Infrastructure Logistics Pvt. Ltd. Cidade De Goa, Vainguinim Beach, Dona Paula, Goa-403 004. Pan : Aaaci9107R .......अपीलाथ" / Appellant बनाम / V/S. The Joint Commissioner Of Income Tax, Range-1, Panaji-Goa, ……""यथ" / Respondent आयकर अपील सं. / Ita No. 381/Pan/2017 "नधा"रण वष" / Assessment Year : 2009-10 The Assistant Commissioner Of Income Tax, Central Circle, Panaji-Goa, .......अपीलाथ" / Appellant बनाम / V/S.

section 14A of the Act read with rule 8D of the Income Tax Rules, 1962. (c) Without prejudice to the ground numbers 2(a) & (b), the CIT(A) in not allowing the alternative ground of the appellant that the average of the value of investments which yielded exempted income alone is to be considered for calculating disallowance as per rule

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

disallowance, though only to the said extent. As regards the balance outstanding liability of Rs.2,01,609/-(supra) that was added by the Assessing Officer u/s.41(1) of the Act, though the assessee had in the course of the proceedings before the CIT(A) produced confirmations from the parties for an amount of Rs.1,27,306/- but the CIT(Appeals

THE CAMP MULTIPURPOSE PRIMARY AGRICULTURE COOPERATIVE SOCIETY LIMITED,PERNEM, GOA vs. INCOME TAX OFFICER, WARD 2 (1), PANAJI, GOA

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

Bench: SHRI PAVAN KUMAR GADALE (Judicial Member)

section 80P(2)(a)(i) of the Act and has made disallowance of interest income on deposits with the cooperative banks and nationalized banks aggregating to Rs.3,16,641/-and assessed the total income of Rs.3,16,640/- and passed the order u/sec 147 r.w.s 144B of the Act dated 21.03.2024. 3. Aggrieved by the order, the assessee has filed

M/S SANKAMTAL HOTEL PRIVATE LTD.,BELAGAVI vs. THE ASST. COMMISSIONER OF INCOME TAX CIRCLE - 2 (1), BELAGAVI

In the result, the appeal of the assessee is allowed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawalassessment Year: 2008-09 M/S Sankamtal Hotel Acit, Circle-1, Pvt. Ltd. Belagavi S. Parthasarathi, Advocate, 3/1, Pranava Vs. Complex, 5Th Cross, Malleswaram, Bangalore- 560 003. Pan: Aadcs 5106 P (Appellant) (Respondent) Present For: Appellant By : Smt. Pratibha R., Advocate Respondent By : Shri Mayur Kamble, Sr. Dr Date Of Hearing : 14.06.2022 Date Of Pronouncement : 30.08.2022 O R D E R Per Girish Agrawal: This Appeal By The Assessee Is Arising Out Of The Order Of Ld. Cit(A), -Belagavi In Ita No.51/Bgm/2016-17 Dated 25.02.2018 Against The Assessment Order Passed By Acit, Circle-2(1), Belagavi U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Referred To As The ‘Act’) Dated 14.03.2016 For A.Y. 2008-09. 2. There Is A Delay Of Five Days In Filing The Present Appeal For Which The Petition For Condonation Of Delay & Affidavit Are Placed On Record. From The Affidavit, We Note That The Assessee Was Out Of Station When The Appeal Memo Was Sent To Him By The Counsel For Its Signature & Therefore A Short Delay Of 5 Days Occurred. Considering The Petition & In The Interest Of Justice & Fair Play, We Find It Proper To Admit The Appeal & Proceed To Adjudicate Thereon.

disallowances as made by the learned CIT(A) are arbitrary excessive and ought to be reduced substantially. 3. Before us, Smt. Pratibha R. Advocate appeared on behalf of the assessee and Shri Mayur Kamble, Sr. DR represented the Department. 4. Brief facts as culled out from the records are that the assessee is running a hotel under the name

SHRI HANUMAN CREDIT SOUHARDA SAHAKARI SANGH LTD,BELAGAVI vs. INCOME TAX OFFICER, WARD - 1, NIPPANI

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

Bench: SHRI PAVAN KUMAR GADALE (Judicial Member)

section 80P(2)(a)(i) of the Act and has not made separate disallowance of interest income on deposits with the cooperative banks and scheduled banks. Finally the A.O. was not satisfied with the explanations on the registration of the assessee society under the Karnataka Souharda Sahakari Act 1997 and dealt on the provisions and judicial decisions 3 ITA. No.235/PAN/2025

BARDC BANK,BHATKAL vs. NATIONAL E-ASSESSMENT CENTRE, DELHI

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

Bench: Shri Pavan Kumar Gadale & Shri G D Padmahshalii T A. Nos.296 & 297/Pan/2024 (A.Y. 2017-18 & 2018-19) Bardc Bank Bhatkal, Ito-Ward-1, Vs Pld Bank, Main Road, Santerikrupa, . Uttara Kannada, Kaigaroad, Bhatkal S.O. Habbuwada, Karnataka-581320. Karwar-581306, Karnataka. Pan .No. Aaaap1731G (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent)

section 80P(2)(a)(i) of the Act and has not made separate disallowance of interest income on deposits with the cooperative banks and other banks aggregating to 3 ITA. No. 296&297/PAN/2024 BARDC Bank. Rs.1,87,45.060/-. Finally the A.O. was not satisfied with the explanations on the members information and dealt on the provisions and judicial decisions

BARDC BANK,BHATKAL vs. INCOME TAX OFFICER, WARD - 1, KARWAR

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

Bench: Shri Pavan Kumar Gadale & Shri G D Padmahshalii T A. Nos.296 & 297/Pan/2024 (A.Y. 2017-18 & 2018-19) Bardc Bank Bhatkal, Ito-Ward-1, Vs Pld Bank, Main Road, Santerikrupa, . Uttara Kannada, Kaigaroad, Bhatkal S.O. Habbuwada, Karnataka-581320. Karwar-581306, Karnataka. Pan .No. Aaaap1731G (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent)

section 80P(2)(a)(i) of the Act and has not made separate disallowance of interest income on deposits with the cooperative banks and other banks aggregating to 3 ITA. No. 296&297/PAN/2024 BARDC Bank. Rs.1,87,45.060/-. Finally the A.O. was not satisfied with the explanations on the members information and dealt on the provisions and judicial decisions

THE BRAHMALING MULTIPURPOSE CO-OP SOCIETY LTD,BELGAUM vs. INCOME TAX OFFICER, WARD -3, BELGAUM

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

Bench: SHRI PAVAN KUMAR GADALE (Judicial Member)

27 numbers/PAN/20223/24&25 dated 28-11-2025 –Akshaya Co-Op Credit society & others Vs ITO dealt at Para 11 of the order on the subject matter of interest income from scheduled banks/nationalized banks as under: “ 11.----The seventh disputed issue, where the AO and CIT(A) has not allowed the claim of deduction under section