SHRI RAMPURUSH MANDIR SOCIETY,CUNCOLIM vs. ASSISTANT DIRECTOR, CPC, BANGALORE

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliita Nos. 75 & 76/Pan/2025 Assessment Year : 2021-22 & 2022-23 Shri Rampurush Mandir Society Veroda, Cuncolim, Salcete, Goa-403703. Pan : Aadas9268E . . . . . . . Appellant V/S Asstt. Director Of Income Tax, Cpc, Bengaluru. . . . . . . . Respondent Appearances Assessee By : Mr Narcinva Lotlikar [‘Ld. Ar’] Revenue By : Mr Ish Gupta [‘Ld. Dr’] Date Of Conclusive Hearing : 25/08/2025 Date Of Pronouncement : 26/08/2025 Order Per G. D. Padmahshali; The Twin Appeals Of The Appellant Assessee Impugns Separate Din & Orders Both Dt. 10/03/2025 Passed By The Addl./Jt. Commissioner Of Income Tax, Appeals(2), Kolkata [‘Ld. Cit(A)/Nfac’ Hereinafter] U/S 250 Of The Income-Tax Act, 1961 [‘The Act’ Hereinafter] Which In Turn Emanated Out Of Respective Summary Assessment Dt. 23/09/2022 & 16/03/2023 Passed U/S 143(1) Of The Act By The National Faceless E-Asstt Centre [‘Ld. Ao’ Hereinafter] Anent To Assessment Years 2021- 22 & 2022-23 [‘Ays’ Hereinafter].

1) of section 167B of the Act with a beneficiary member whose shares are either determinate or known. ITAT-Panaji Page 11 of 18 Shri Rampurush Mandir Society Vs CPC ITA Nos.75 & 76/PAN/2025 AY: 2021-22 & 2022-23 13. In the instant case, for the twin years under consideration, the shares of the individual members belonging to Lotlikar family

SHRI RAMPURUSH MANDIR SOCIETY,CUNCOLIM vs. ASSISTANT DIRECTOR OF INCOME TAX - CPC, BANGALORE

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliita Nos. 75 & 76/Pan/2025 Assessment Year : 2021-22 & 2022-23 Shri Rampurush Mandir Society Veroda, Cuncolim, Salcete, Goa-403703. Pan : Aadas9268E . . . . . . . Appellant V/S Asstt. Director Of Income Tax, Cpc, Bengaluru. . . . . . . . Respondent Appearances Assessee By : Mr Narcinva Lotlikar [‘Ld. Ar’] Revenue By : Mr Ish Gupta [‘Ld. Dr’] Date Of Conclusive Hearing : 25/08/2025 Date Of Pronouncement : 26/08/2025 Order Per G. D. Padmahshali; The Twin Appeals Of The Appellant Assessee Impugns Separate Din & Orders Both Dt. 10/03/2025 Passed By The Addl./Jt. Commissioner Of Income Tax, Appeals(2), Kolkata [‘Ld. Cit(A)/Nfac’ Hereinafter] U/S 250 Of The Income-Tax Act, 1961 [‘The Act’ Hereinafter] Which In Turn Emanated Out Of Respective Summary Assessment Dt. 23/09/2022 & 16/03/2023 Passed U/S 143(1) Of The Act By The National Faceless E-Asstt Centre [‘Ld. Ao’ Hereinafter] Anent To Assessment Years 2021- 22 & 2022-23 [‘Ays’ Hereinafter].

1) of section 167B of the Act with a beneficiary member whose shares are either determinate or known. ITAT-Panaji Page 11 of 18 Shri Rampurush Mandir Society Vs CPC ITA Nos.75 & 76/PAN/2025 AY: 2021-22 & 2022-23 13. In the instant case, for the twin years under consideration, the shares of the individual members belonging to Lotlikar family

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

13,34,020/-. The same was processed under section 143(1) of the I.T. Act, 1961 on 19.05.2011. The case of the assessee was selected for scrutiny under CASS. Accordingly, notice under section 143(2) dated 24.08.2011 was issued and served on the assessee. In response to the notice, the assessee’s Authorised Representative appeared before

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

13,34,020/-. The same was processed under section 143(1) of the I.T. Act, 1961 on 19.05.2011. The case of the assessee was selected for scrutiny under CASS. Accordingly, notice under section 143(2) dated 24.08.2011 was issued and served on the assessee. In response to the notice, the assessee’s Authorised Representative appeared before

DEVASHRI NIRMAN LLP ,PANAJI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 1(1), PANAJI

In the result, this appeal by the assessee stands allowed

Bench: Shri Shamim Yahya, Am & Shri Ram Lal Negi, Jm

68,52,377/- & added to the income declared. 4. The said addition was confirmed by the ld. CIT(A) and the ITAT. In connection with this addition, penalty was also levied. In the penalty order also the assessee’s claim 3 ITA No. 272/Pan./2017 was rejected that as per AS-7 offering profit under percentage completion method, the profit

SHREE AMBEY FORGING PRIVAT LIMITED,PANAJI vs. ITO, WARD - (4), PANAJI

In the result, both appeals of the assessee are allowed

C) of the Income Tax Act'1961 is without jurisdiction, misconceived and without following the principles of natural justice. 3) The Id. AO has erred in making adjustment / addition of Rs.9,73,68,545/- based on the order of the AO-TP u/s 92CA of the Income Tax Act'1961, in spite of the fact that the assesse or their

SCORPIO IRON LTD,PANAJI vs. ITO, WARD - 1(4), PANAJI

In the result, both appeals of the assessee are allowed

C) of the Income Tax Act'1961 is without jurisdiction, misconceived and without following the principles of natural justice. 3) The Id. AO has erred in making adjustment / addition of Rs.9,73,68,545/- based on the order of the AO-TP u/s 92CA of the Income Tax Act'1961, in spite of the fact that the assesse or their

M/S KAMAT REAL ESTATE DEVELOPERS,,PANAJI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1), PANAJI., PANAJI

In the result, appeal of the Assessee is allowed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawal

13,30,940/-] and no interest has been charged by the firm to the partners on the above debit balances. The assessee submitted before the A.O. during the course of re- assessment proceedings that in the partnership deed there is a provision by which an interest amount @ 12% is to be paid by the Firm to the partners on their

M/S ADITI SCANS PVT. LTD,BIJAPUR vs. ACIT, CIRCLE - 1, BIJAPUR

In the result, appeal of the assessee is allowed for statistical purposes

Bench: Shri Laliet Kumar, Jm & Dr. Mitha Lal Meena, Am M/S Aditi Scans Pvt. Ltd. Vs Acit, Circle-1, Bijapur Shiva Kunja Chalukya Nagar (East) Solapur Road, Vijaypur, Vijaypur Pan No.Aagca 7255 E (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. यनधााररती की ओर से /Assessee By : Shri Prasanth G.S., Ca राजस्व की ओर से /Revenue By : Shri Prabhat Jha, Citdr सुनवाई की तारीख / Date Of Hearing : 07/10/2021 घोषणा की तारीख/Date Of Pronouncement : 07/10/2021 आदेश / O R D E R Per Bench : This An Appeal Filed By The Revenue Against The Order Passed By The Cit(A), Gulbarga, Dated 29.11.2017 For The Assessment Year 2009- 2010, On The Following Grounds :- The Order Of The Learned Cit(A) In So Far As It Is Against The 1. Appellant, Is Opposed To Law, Weight Of Evidence, Natural Justice, Probabilities, Facts & Circumstances Of The Appellant'S Case. The Appellant Denies Itself Liable To Be Assessed On A Total Loss 2. Of Rs. 15,76,829/- As Against The Lossof Rs.75,46,930/- Under The Facts & Circumstances Of The Case. The Authorities Below Erred In Treating The Share Capital Of Rs. 3. 13,75,000/- As Unexplained Money Under Section 68 Of The Act Under The Facts & Circumstances Of The Case. The Order Of The Authorities Below Is Bad In Law As The Amount 4. Of Rs. 13,75,000/- Cannot Be Brought To Tax In The Hands Of The Appellant As The Mandatory Conditions To Invoke Section 68 Of The Act Have Not Been Satisfied Under The Facts & Circumstances Of The Case.

13,75,000/- cannot be brought to tax in the hands of the appellant as the mandatory conditions to invoke section 68 of the Act have not been satisfied under the facts and circumstances of the case. 2 a) The authorities beloware not justified in treating the 5. unsecured loans of Rs.45,95,101/-as unexplainedon the facts

VPK URBAN CO-OPERATIVE CREDIT SOCIETY,MARDOL, PONDA vs. DCIT/ACIT, NEAC, DELHI

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

13 of 36 Akshaya Co-Op credit society Limited & others. parked as investments/deposits with cooperative banks, other than a Primary Agricultural Credit Society or a Primary Co- operative Agricultural and Rural Development Bank. Observing, that the co- operative banks from where the assessee was in receipt of interest income were not co-operative societies

THE MARATHA URBAN CO-OPERATIVE CREDIT SOCIETY LTD,BELGAUM vs. INCOME TAX OFFICER, WARD - 5, BELGAUM

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

13 of 36 Akshaya Co-Op credit society Limited & others. parked as investments/deposits with cooperative banks, other than a Primary Agricultural Credit Society or a Primary Co- operative Agricultural and Rural Development Bank. Observing, that the co- operative banks from where the assessee was in receipt of interest income were not co-operative societies

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), PANAJI, AYAKAR BHAWAN vs. VPK URBAN COOPERATIVE CREDIT SOCIETY , VPK BHAWAN

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

13 of 36 Akshaya Co-Op credit society Limited & others. parked as investments/deposits with cooperative banks, other than a Primary Agricultural Credit Society or a Primary Co- operative Agricultural and Rural Development Bank. Observing, that the co- operative banks from where the assessee was in receipt of interest income were not co-operative societies

VIVIDODDSHESHA PRATHAMIK GRAMEEN KRUSHI SAHAKARI SANGH NIYAMIT SOUDATTI,SOUDATTI vs. INCOME TAX OFFICER WARD-4, BELGAUM, BELGAUM

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

13 of 36 Akshaya Co-Op credit society Limited & others. parked as investments/deposits with cooperative banks, other than a Primary Agricultural Credit Society or a Primary Co- operative Agricultural and Rural Development Bank. Observing, that the co- operative banks from where the assessee was in receipt of interest income were not co-operative societies

HAVYAKA CREDIT SOUHARDA SAHAKARI NIYAMITA,KUMTA vs. INCOME TAX OFFICER, KARWAR

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

13 of 36 Akshaya Co-Op credit society Limited & others. parked as investments/deposits with cooperative banks, other than a Primary Agricultural Credit Society or a Primary Co- operative Agricultural and Rural Development Bank. Observing, that the co- operative banks from where the assessee was in receipt of interest income were not co-operative societies

SHRI JAI JINENDRA CREDIT SOUHARDA SAHAKARI LIMITED,BELAGAVI vs. INCOME TAX OFFICER WARD 1 NIPANI, BELAGAVI

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

13 of 36 Akshaya Co-Op credit society Limited & others. parked as investments/deposits with cooperative banks, other than a Primary Agricultural Credit Society or a Primary Co- operative Agricultural and Rural Development Bank. Observing, that the co- operative banks from where the assessee was in receipt of interest income were not co-operative societies

SHRI JAI JINENDRA SOUHARDA SAHAKARI SANGH NIYAMIT,BELAGAVI vs. NATIONAL E ASSESSMENT CENTRE, BELAGAVI

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

13 of 36 Akshaya Co-Op credit society Limited & others. parked as investments/deposits with cooperative banks, other than a Primary Agricultural Credit Society or a Primary Co- operative Agricultural and Rural Development Bank. Observing, that the co- operative banks from where the assessee was in receipt of interest income were not co-operative societies

VARDHAMAN URBAN CO-OP CREDIT SOCIETY LTD,BELGAUM vs. INCOME TAX OFFICER WARD 4 BELGAUM, BELGAUM

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

13 of 36 Akshaya Co-Op credit society Limited & others. parked as investments/deposits with cooperative banks, other than a Primary Agricultural Credit Society or a Primary Co- operative Agricultural and Rural Development Bank. Observing, that the co- operative banks from where the assessee was in receipt of interest income were not co-operative societies

HAVYAKA CREDIT SOUHARDA SAHAKARI NIYAMITA,KUMTA vs. INCOME TAX OFFICER WARD-2 KARWAR, KARWAR

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

13 of 36 Akshaya Co-Op credit society Limited & others. parked as investments/deposits with cooperative banks, other than a Primary Agricultural Credit Society or a Primary Co- operative Agricultural and Rural Development Bank. Observing, that the co- operative banks from where the assessee was in receipt of interest income were not co-operative societies

KAIGA PROJECT EMPLOYEES THRIFT AND CREDIT SOCIETY,KARWAR vs. INCOME TAX OFFICER, WARD - 2, KARWAR

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

13 of 36 Akshaya Co-Op credit society Limited & others. parked as investments/deposits with cooperative banks, other than a Primary Agricultural Credit Society or a Primary Co- operative Agricultural and Rural Development Bank. Observing, that the co- operative banks from where the assessee was in receipt of interest income were not co-operative societies