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

losses relating to circulating capital. For the reasons the assessee prays to set-aside the impugned order on this score and delete the disallowance

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

loss owning to disallowance. Insofar as the denial of set-off against IOS income is concerned being ceased the matter

COMMUNIDADE OF CHICALIM,CHICALIM vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 2(1), PANAJI

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

Bench: Shri Pavan Kumar Gadale & Shri G D Padmahshalii T A. No.207/Pan/2024 (A.Y. 2016-17 ) Comunidade Of Chicalim, Vs Acit Circle 2(1), Ground Floor, St Xavier Aaykar Bhavan, . Church Building, Edc, Patto, Chicalim-403802, Panjim South Goa,Goa. Goa-403001. Pan .No. Aaaabc0196P (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent)

disallowance of carry forward of loss setoff pertaining to A.Y.2007-08 and (ii) The CIT(A) has admitted the additional claim of deduction u/sec57(iv) of the Act in the appellate stage , which was rejected by the A.O subject to such claim 4 ITA. No.207/PAN/2024 Comunidade of chicalim. qualifies on its merits and further CIT(A) sustained the denial of claim

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

disallowance of long term Capital loss claimed on transfer of shares of its subsidiary company. In respect of deduction 3 u/s 80HHC, the ITAT has confirmed the inclusion of construction receipts for the purpose of explanation (baa) to Sec. 80HHC. 5. The assessee was given an opportunity by the AO, vide letter dated 2.03.09 to file its submission

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

set off against the taxable income. The ld. CIT-DR further contended that the Ld. CIT(A) has also erred in allowing the said loss claimed which were already received by the assessee and the assessee was not under obligation to keep sale proceeds under EEFC account and once income is received, it is capital and any loss on account

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

set off against the taxable income. The ld. CIT-DR further contended that the Ld. CIT(A) has also erred in allowing the said loss claimed which were already received by the assessee and the assessee was not under obligation to keep sale proceeds under EEFC account and once income is received, it is capital and any loss on account

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

loss account, to the extent disallowance under section 36 due to non-fulfillment of conditions specified in relevant clauses’. Thus, it is evident that it is a case of `disallowance of expenditure’ and not `increase of income’. Further, the entire challenge by the assessee throughout has been to the disallowance of expenditure made by the AO. It set

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

set off against the profits of other business because the activities appearing in proviso (a) to (e) to clause (5) of section 43 are not to be deemed to be speculative transactions and this comes within the category of deemed business which is however distinct and separate from any other business. Learned Counsel for the Assessee submitted that

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

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

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 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

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

MRS VINI P. KENI,PANAJI vs. INCOME TAX OFFICER, WARD - 1(3), PANAJI

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

Bench: Shri Pavan Kumar Gadale & Shri G D Padmahshalii T A. Nos. 112/Pan/2022 (A.Y. 2014-15 ) Vini Prasad Keni, Vs Ito-Ward-1(3), Keni Building, Aayakar Bhavan, . Dr.Dada Vaidhya Road, Panaji-403001, Panjim-403001, Goa. Goa. . Pan .No. Adppk9767N (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee By Shri D.E.Robinson.Ar Revenue By Sri Narender Reddy.Sr.Dr सुनवाई क" तार"ख/Date Of Hearing 25.02.2025 घोषणा क" तार"ख/Date Of Pronouncement 20.03.2025 Order Per Pavan Kumar Gadale, Jm: The Appeal Is Filed By The Assesse Against The Order Of Nfac/ Cit(A) Passed U/Sec 143(3) & U/Sec 250 Of The Act. 2. At The Time Of Hearing, The Ld.Ar Of The Assessee Submitted That There Is A Delay Of 13 Days In Filing The Appeal Before The Hon’Ble Tribunal & The Assesse Has Filed The Affidavit For Condonation Of Delay. Whereas, The Facts Mentioned In The Affidavit Are Reasonable & The Ld. Dr Has No Specific Objections. Accordingly, We Condone The Delay & Admit The Appeal. The Assessee Has Raised

disallowed the expenses u/sec37(1) of the Act. Finally the A.O has assessed the total income Of Rs.8,31,650/- after setting of business loss

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

set- off of 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

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

set-aside the impugned computation of disallowance and direct the Ld. AO to re-compute the disallowance in accordance with former adjudication/direction. The sub-ground (c) of ground 2 of the appeal thus stands allowed. The ground 2 of the appeal in result stands partly allowed. 6. Ground No 3 : Addition on account of discrepancies in value of closing stock

SHRI RENUKA CO-OPERATIVE CREDIT SOCIETY LTD,BELGAVI vs. ASSESSMENT UNIT, INCOME TAX DEPARTMENT, DELHI

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

Bench: Shri Pavan Kumar Gadale & Shri G D Padmahshalii T A. Nos. 64/Pan/2025 (A.Y. 2020-21) Shri Renuka Co-Operative Vs National Face Less Credit Society Limited, Assessment Centre, . Hotel Keerti Campus, Nfac, P.B.Road, Delhi. Belgaum-590001, . Karnataka. Pan/Gir No. Aabas0671B (अपीलाथ"/Appellant) (""यथ"/Respondent)

setting off of current year business loss has assessed the total income of Rs.28,26,199/- and passed the order u/sec 144 r.w.s 144B of the Act dated 16.09.2022. 3. Aggrieved by the order, the assesse has filed an appeal before the CIT(A), whereas the CIT(A) has considered the grounds of appeal, statement of facts and findings

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)

set off the expenditure debited and claimed loss of Rs.25,51,92,808/-. The assessee has filed letter dated 5.10.2018 mentioning that during the previous year and past 3 years the assessee has not made any extraction or sale of iron ore on account of complete ban of mining activities as Honble Supreme Court order dated 05.12.2012. 3.Whereas

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

loss account are duly supported by third party evidences and are genuine. In the event, the Ld. AO made the additions and the assessment u/s 143(3) of the Act for the want of evidences. When the matter travelled in first appeal, the Ld. NFAC served as many as three notices dt. 01/08/2023, 29/02/204 & 08/03/2024 however none of these notices

KKOTILYA CHITS LIMITED,BELAGAVI vs. ITO WARD-1, INCOME TAX OFFICES OPPOSITE CIVIL HOSPITAL

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

Bench: SHRI PAVAN KUMAR GADALE (Judicial Member)

loss of discount which is not allowable and disallowed the claim of Rs.1,07,492/- and other disputed issue the assessing officer has disallowed the claim of director sitting fees of Rs.1,05,347/- by restricting the claim to the above extent and assessed the total income of Rs.7,44,102/- and passed the order u/sec143(3) r.w.s147