BRAGANZA AND FULARI VENTURES PRIVATE LIMITED,MAPUSA vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE - 2(1), PANAJI
In the result, the appeal is allowed
ITA 28/PAN/2022[2014-15]Status: DisposedITAT Panaji06 Oct 2023AY 2014-15
Bench: Shri R.S. Syal & Shri S.S.Viswanethra Raviआयकर अपीऱ सं. / Ita No.28/Pan/2022 निर्धारण वषा / Assessment Year : 2014-15 Braganza & Fulari Ventures Vs. Acit, Private Limited, Circle-2(1), 303-304, 3Rd Floor, Panaji B&F Habitat Building, Canca Parra Bypass, Ximer Bardez, Mapusa, Goa – 403507 Pan : Aaecb3628E Appellant Respondent
Section 143(3)Section 271(1)(c)
2. Briefly stated, the facts of the case are that the assessee filed its return declaring total income at Rs.1,01,93,260/-. The AO, while finalising the assessment u/s.143(3), made disallowance of Rs.10,97,428/- towards certain expenses claimed in the Profit and loss account on the ground that they ought to have been capitalized.
He finalised