THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2 (1), PANAJI vs. M/S V. M. SALGAOCAR & BROTHERS (P) LTD., VASCO

Appeals of the Revenue are DISMISSED

Bench: Hon’Ble Shri S. S. Godara & Shri G. D. Padmahshaliआयकर अपऩल सं. / Ita Nos. 209 To 211/Pan/2019 निर्धारण वषा / Assessment Years : 2005-06 To 2007-08 The Asst. Commissioner Of Income Tax, Circle-2(1), Panaji, Goa . . . . . . . अपीलार्थी / Appellant

House, F.L. Gomes Road, Vasco Da Gama, Goa. PAN: AAACV 5950 B . . . . . . .प्रत्यर्थी / Respondent द्वधरध / Appearances Assessee by : Mr Ketan Ved [‘Ld. AR’] Revenue by : Mr N. Shrikanth [‘Ld. DR’] सुनवाई की तारीख / Date of conclusive Hearing : 13/07/2023 घोषणा की तारीख / Date of Pronouncement : 03/10/2023 आदेश / ORDER Per Bench: These three appeals of the Revenue are directed against the common

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2 (1), PANAJI vs. M/S V. M. SALGAOCAR & BROTHERS (P) LTD., VASCO

Appeals of the Revenue are DISMISSED

Bench: Hon’Ble Shri S. S. Godara & Shri G. D. Padmahshaliआयकर अपऩल सं. / Ita Nos. 209 To 211/Pan/2019 निर्धारण वषा / Assessment Years : 2005-06 To 2007-08 The Asst. Commissioner Of Income Tax, Circle-2(1), Panaji, Goa . . . . . . . अपीलार्थी / Appellant

House, F.L. Gomes Road, Vasco Da Gama, Goa. PAN: AAACV 5950 B . . . . . . .प्रत्यर्थी / Respondent द्वधरध / Appearances Assessee by : Mr Ketan Ved [‘Ld. AR’] Revenue by : Mr N. Shrikanth [‘Ld. DR’] सुनवाई की तारीख / Date of conclusive Hearing : 13/07/2023 घोषणा की तारीख / Date of Pronouncement : 03/10/2023 आदेश / ORDER Per Bench: These three appeals of the Revenue are directed against the common

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2 (1), PANAJI vs. M/S V. M. SALGAOCAR & BROTHERS (P) LTD., VASCO

Appeals of the Revenue are DISMISSED

Bench: Hon’Ble Shri S. S. Godara & Shri G. D. Padmahshaliआयकर अपऩल सं. / Ita Nos. 209 To 211/Pan/2019 निर्धारण वषा / Assessment Years : 2005-06 To 2007-08 The Asst. Commissioner Of Income Tax, Circle-2(1), Panaji, Goa . . . . . . . अपीलार्थी / Appellant

House, F.L. Gomes Road, Vasco Da Gama, Goa. PAN: AAACV 5950 B . . . . . . .प्रत्यर्थी / Respondent द्वधरध / Appearances Assessee by : Mr Ketan Ved [‘Ld. AR’] Revenue by : Mr N. Shrikanth [‘Ld. DR’] सुनवाई की तारीख / Date of conclusive Hearing : 13/07/2023 घोषणा की तारीख / Date of Pronouncement : 03/10/2023 आदेश / ORDER Per Bench: These three appeals of the Revenue are directed against the common

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