VGM EXPORT,VASCO vs. JOINT COMMISSIONER OF INCOME TAX, MARGAO
ITA 114/PAN/2023[2010-11]Status: DisposedITAT Panaji25 Feb 2025AY 2010-11
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
For Appellant: Mr P B Deshpande [‘Ld. AR’]For Respondent: Mr Ravindra Hattalli [‘Ld. DR’]
Section 143(1)Section 143(2)Section 143(3)Section 14ASection 250Section 40
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
