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

section 43AA nor ICDS-VI can be made applicable to the present case. The sole dispute hinges around nature of forex fluctuation loss as to ‘notional or real’ & ‘capital or revenue’. The Revenue setup it’s disallowance on twofold reasoning viz; (a) the forex fluctuation loss is notional in nature and (b) since it relates to cash equivalents, hence capital

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

property 7 I.T.A. No. 77/PAN/2020 I.T.A. No. 77/PAN/2020 Assessment Year: 2015 Assessment Year: 2015-16 Shri Nitin A. Shirgurkar Shri Nitin A. Shirgurkar at Bangalore, were not properly examined and verified by the ld. AO during the at Bangalore, were not properly examined and verified by the ld. AO during the at Bangalore, were not properly examined and verified

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

house was not able to clear our dues. The outstanding of Rs.4.8 crores against the broker’s name in effect represented the value of sales/closing stock as of the cut-off date due to the abrupt closure of trading on NSEL for no fault of the assessee. Let alone any connivance, the assessee did not even have any hint

BELGAUM COAL & COKE CONSUMER CO-OP ASSOCIATION LTD,BELGAUM vs. ITO, WARD - 1(1), BELGAVI

The appeal of the assessee is partly allowed for statistical purposes in terms of our aforesaid observations

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita No. 102/Pan/2018 "नधा"रण वष" / Assessment Year : 2010-11 Belgaum Coal & Coke Consumer Co-Operative Association Ltd. Khanapur Road, Udyambag, Belgaum-590 008. Pan : Aaaat4615M .......अपीलाथ" / Appellant बनाम / V/S. The Income Tax Officer, Ward-1(1), Belagavi. ……""यथ" / Respondent

section (4) of Sec. 80P was that the co-operative banks which were functioning at par with other banks would no more be entitled for claim of deduction under Sec. 80P(4) of the Act. Insofar the reliance placed by the Pr. CIT on the judgment of the Hon’ble Supreme Court in the case of Totgars Co-operative Sale