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

1) of section 32 of the Income-tax Act, so that the depreciation shall be allowed as per the option of the assessee and not at the discretion of the Assessing Officer. 6. In the case in hand, there is no dispute regarding entitlement of the assessee to higher rate of depreciation on wind mill as per Appendix

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

section 14A of the Act vis- à-vis determination of such amount of disallowance u/c (iii) of rule 8D(2) of IT Rules. In view thereof, we do find any merit in the contention of the appellant and flaw in the action of tax authorities in invoking the former provisions for disallowance of expenditure. As a result, the contentions

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

32,433/- in view of the fact that the explanation to section 9(1)(vii) inserted by the Finance Act. 2010 got the assent of the President on 08/05/2010 and hence not applicable for the assessment year under appeal. 5. The Ld. CIT(A) erred in upholding the addition made by the AO towards contribution of Rs.20,00,000/- given

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

32,433/- in view of the fact that the explanation to section 9(1)(vii) inserted by the Finance Act. 2010 got the assent of the President on 08/05/2010 and hence not applicable for the assessment year under appeal. 5. The Ld. CIT(A) erred in upholding the addition made by the AO towards contribution of Rs.20,00,000/- given

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

1) and (5) of section 115JB of the Act. It is also pertinent to mention here that, the amounts mentioned in clauses (a) to (i) of Explanation to section 115JB(2) of the Act are debited to the statement of profit and loss account, then only the provisions of section 115JB of the Act would apply. lex lata, the disallowance

DEMPO INDUSTRIES PRIVATE LIMITED,PANAJI vs. INCOME TAX OFFICER, WARD -1(2), PANAJI

The appeal of the assessee is ALLOWED in above terms

Bench: Hon’Ble Shri S. S. Godara & Shri G. D. Padmahshali(Through Virtual Hearing At Pune) आयकर अपील सं. / Ita No. 131/Pan/2019 धििाारण वर्ा / Assessment Year : 2010-11 Dempo Industries Pvt. Ltd., Dempo House, Campal, Panaji, Goa - 403001 Pan: Aaacu1745F . . . . . . . अपीलार्थी / Appellant

32(1)(iia) of the Act on threefold reasons viz; (1) the business of newspaper publication do not amount to manufacturing or production of any article or thing (2) items against which additional depreciation is claimed do not qualify to be plant & machinery and (3) items were purchased prior to previous year relevant to assessment year. 3.3 The assessee challenged

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

In the result, both appeals of the assessee are allowed

1) of Section 80 IA on the profit earned by it from its activity of developing the infrastructure facility. The proviso does not operate as to depriving the developer of the benefit of the deduction even after the facility is transferred for the purpose of maintenance and that derived from the activity of maintenance and operation thereof

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

In the result, both appeals of the assessee are allowed

1) of Section 80 IA on the profit earned by it from its activity of developing the infrastructure facility. The proviso does not operate as to depriving the developer of the benefit of the deduction even after the facility is transferred for the purpose of maintenance and that derived from the activity of maintenance and operation thereof

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-

1) is pari-materia of section 2(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

DAMODAR MANGALJI & COMPANY LIMITED,PANAJI vs. THE JOINT COMMISSIONER OF INCOME TAX, RANGE - 1, PANAJI

Appeals stands DISMISSED

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliita Nos. 034 & 035/Pan/2025 Assessment Year : 2011-12 & 2014-15 Damodar Mangalji & Company Ltd. Damodar Niwas, 1St Floor, Mc Road, Panaji, Goa-403001. Pan : Aaacd6880G . . . . . . . Appellant V/S Jt./Asstt. Commissioner Of Income Tax, Range-1/Circle-1(1), Goa. . . . . . . . Respondent Appearances Assessee By : Adv Rahul Sarda [‘Ld. Ar’] Revenue By : Mr M Satish [‘Ld. Dr’] Date Of Conclusive Hearing : 20/11/2025 Date Of Pronouncement : 18/12/2025 Order Per G. D. Padmahshali; The Captioned Twin Appeals Of Assessee Instituted U/S 253(1) Of The Income-Tax Act, 1961 [‘The Act’] Are Directed Against Separate Din & Order 1070138041(1) Dt. 08/11/2024 & 1070321994(1) Dt. 13/11/2024 Passed U/S 250 Of The Act By National Faceless Appeal Centre, Delhi [‘Ld. Nfac/Cit(A)’] Which Sprang From Assessment Orders Passed U/S 143(3) Of The Act Anent To Assessment Years 2011-12 & 2014-15 [‘Ay’].

disallowance of capital expenditure of ₹20,70,58,100/- u/s 37(1) of the Act as, a sum paid to State Govt. for conversion of land for enduring period of 20 years. 6. Aggrieved assessee filed separate appeals before Ld. NFAC/CIT(A) and agitated the aforementioned disallowances/additions made in former twin assessments but remained unsuccessful. Aggrieved by the ex-parte

DAMODAR MANGALJI & COMPANY LIMITED,PANAJI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 1(1), PANAJI

Appeals stands DISMISSED

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliita Nos. 034 & 035/Pan/2025 Assessment Year : 2011-12 & 2014-15 Damodar Mangalji & Company Ltd. Damodar Niwas, 1St Floor, Mc Road, Panaji, Goa-403001. Pan : Aaacd6880G . . . . . . . Appellant V/S Jt./Asstt. Commissioner Of Income Tax, Range-1/Circle-1(1), Goa. . . . . . . . Respondent Appearances Assessee By : Adv Rahul Sarda [‘Ld. Ar’] Revenue By : Mr M Satish [‘Ld. Dr’] Date Of Conclusive Hearing : 20/11/2025 Date Of Pronouncement : 18/12/2025 Order Per G. D. Padmahshali; The Captioned Twin Appeals Of Assessee Instituted U/S 253(1) Of The Income-Tax Act, 1961 [‘The Act’] Are Directed Against Separate Din & Order 1070138041(1) Dt. 08/11/2024 & 1070321994(1) Dt. 13/11/2024 Passed U/S 250 Of The Act By National Faceless Appeal Centre, Delhi [‘Ld. Nfac/Cit(A)’] Which Sprang From Assessment Orders Passed U/S 143(3) Of The Act Anent To Assessment Years 2011-12 & 2014-15 [‘Ay’].

disallowance of capital expenditure of ₹20,70,58,100/- u/s 37(1) of the Act as, a sum paid to State Govt. for conversion of land for enduring period of 20 years. 6. Aggrieved assessee filed separate appeals before Ld. NFAC/CIT(A) and agitated the aforementioned disallowances/additions made in former twin assessments but remained unsuccessful. Aggrieved by the ex-parte

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)

1) is pari-materia of section 2(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

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

32 of the said order the business loss claimed by the assessee is allowable under section 28 of the I.T. Act, 1961. The Learned Counsel for the Assessee also placed reliance on the Judgment of Hon’ble Calcutta High Court in the case of Asian Financial Services Ltd., vs., CIT [2017] 8 ITR-OL 209 (Cal.) submitted that the loss

GOA MINERALS PRIVATE LIMITED,VASCO vs. ACIT, CIRCLE - 2(1), PANAJI

In the result, appeal of the assessee is allowed for statistical purpose

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.63/Pan/2020 िनधा"रण वष" / Assessment Year : 2014-15 Goa Minerals Private Limited, The Assistant P.B.No.14, Salgaocar House, V Commissioner Of Income Dr.F.L.Gomes Road, S Tax, Circle-2(1), Panaji, Vasco Da Gama, Goa. Goa – 403802 Pan: Aaacg 6716 C Appellant / Assessee Respondent / Revenue Assessee By Shri Veer Raghavan – Ar Revenue By Shri N. Shrikanth – Dr Date Of Hearing 09/10/2023 Date Of Pronouncement 11/10/2023

disallowed in the then assessment for assessment year 2013-14 but was assessed as a capital expenditure and was allowed to add to capital work in progress. 2. The learned CIT(A) ought to have appreciated that the revised return under section 139(5) of the Income Tax Act, 1961 [‘the Act’] could not be filed by the appellant

M/S SESA RESOURS LTD (FORMERLY V. S. DEMPO & CO. PVT. LTD,PANAJI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1), PANAJI

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

Bench: Shri C.M. Garg & Shri Girish Agrawalassessment Year: 2004-05 Sesa Resources Limied Vs. Acit, (Formerly V.S. Dempo & Co., Pvt. Circle-1(1), Aayakar Ltd.), Bhavan, Sesa Ghor, 20 Edc Complex, Edc Complex, Patto, Patto, Panaji, Panaji, Goa – 403 001. Goa. Pan: Aaacv7160R

32,86,241/- and making the following additions/disallowances:- a) Long term capital loss of Rs. 1,88,00,739/- claimed by the assessee on transfer of shares in its subsidiary company Dempo Industries Pvt. Ltd., was disallowed, since the sale of shares to its subsidiary was not a transfer as defined

SURAJDATTA SAGUN MORAJKAR,NERUL vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-1(1), PANAJI GOA, PANAJI

Bench: Hon’Ble Shri Pavankumar Gadale & Shri G. D. Padmahshaliita Nos. 122/Pan/2024 Assessment Year : 2017-18 Surajdatta Sagun Morajkar C/O. Sun Estate Developers, Next To Sal De Goa, Bhatti Waddo, Bardez, Goa-403114 Pan : Aempm7614J . . . . . . . Appellant

1 of 7 Surajdatta Sagun Morajkar Vs ACIT ITA Nos.122/PAN/2024 AY: 2017-18 2. Briefly stated facts of borne out of the case records are that; 2.1 The assessee is an individual governed by the provisions of section 5A of the Act was for the year under consideration engaged in the business of real estate development and construction

MAHADEV MALLAPPA ATAR,BELAGAVI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 1, BELAGAVI

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliita Nos. 014/Pan/2024 Assessment Year : 2013-14 Mahadev Mallappa Atar Pwd Contractor, Katkol, Ramdurg, Dist. Balgavi-591114 Pan:Abxpa7467P . . . . . . . Appellant

disallowance of cash payment of ₹32,000/- made to M/s Nirani Cements and (4) unexplained cash deposits of ₹20,00,000/- added u/s 68 of the Act. Aggrieved by the aforestated additions the assessee filed first appeal before Ld. NFAC which came to be dismissed. ITAT-Panaji Page 2 of 4 Mahadev Mallappa Atar Vs ITO ITA Nos.14/PAN/2024

KUMTA ADIKE MARATA SOPUHARDA SAHAKARI SANGH NIYAMIT,KUMTA vs. INCOME TAX OFFICER, WARD - 2, KARWAR

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

1 lakh or more and thirdly, by laws of the co-operative society do not permit admission of any other co- operative society as a member, it would be regarded to be primary co- operative bank. According to the AO, the primary object and principal business of the assessee was transaction of banking business. Hence, AO concluded that the appellant

SHRI BASAVESHWAR URBAN CO OPERATIVE CREDIT SOCIETY LIMITED,BELAGAVI vs. INCOME TAX OFFICER NATIONAL E ASSESSMENT CENTRE, BELAGAVI

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

1 lakh or more and thirdly, by laws of the co-operative society do not permit admission of any other co- operative society as a member, it would be regarded to be primary co- operative bank. According to the AO, the primary object and principal business of the assessee was transaction of banking business. Hence, AO concluded that the appellant