ZUARI MANAGEMENT SERVICES LTD.,GOA vs. DEPUTY COMMISIONER OF INCOME-TAX, CIRCLE - 1, MARGAO

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliassessment Years: 2009-10 M/S Zuari Management Services Ltd. (Erstwhile Zuari Infrastructure & Developers Ltd., Formerly Zuari Sez Ltd.) Jai Kisaan Nagar, Zuari Nagar, Goa. Pan: Aaacz2903Q . . . . . . . Appellant V/S Dy. Commissioner Of Income Tax, Circle-1, Margao, Goa. . . . . . . . Respondent Represented Assessee By: Mr Salil Kapoor [‘Ld. Ar’] Revenue By: Mr Senthil Kumar N [‘Ld. Dr’] Date Of Conclusive Hearing : 29/01/2026 Date Of Pronouncement : 06/02/2026 Order Per G. D. Padmahshali; This Assessee’S Appeal Filed U/S 253(1) Of The Income-

section 35D of the Act was allowed for the said AY. 3. That, in view of the facts and circumstances of the case, the A.O. has erred on facts and in law in disallowing the interest expenditure amounting to Rs. 3,56,51,678/-u/s 36(1)(iii) r.w.s. 37(1) of the Act, without appreciating that the same

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

In the result, both appeals of the assessee are allowed

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 AE has not taken any benefit or exemption / deduction under the Income Tax Act. The Id AO(TP) and Dispute Resolution Panel-2, Bangalore, 4) has willfully ignored that the assesee

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

In the result, both appeals of the assessee are allowed

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 AE has not taken any benefit or exemption / deduction under the Income Tax Act. The Id AO(TP) and Dispute Resolution Panel-2, Bangalore, 4) has willfully ignored that the assesee

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

68 of the Act as the cooperative society has not explained the sources of cash deposits in the bank account during demonetization period. The Ld.AR submitted that entire amount of demonetized currency during demonetization period are receipts from members on account of regular business transactions such as loan repayment, saving deposit, recurring deposit, pigmy collections etc. The members are recognized

SAMARTH URBAN CO-OPERATIVE CREDIT SOCIETY LTD,BELGAUM vs. PR COMMISSIONER OF INCOME TAX , 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

68 of the Act as the cooperative society has not explained the sources of cash deposits in the bank account during demonetization period. The Ld.AR submitted that entire amount of demonetized currency during demonetization period are receipts from members on account of regular business transactions such as loan repayment, saving deposit, recurring deposit, pigmy collections etc. The members are recognized

VPK URBAN CO-OPERATIVE CREDIT SOCIETY,MARDOL, PONDA vs. INCOME TAX OFFICER, PANAJI

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

68 of the Act as the cooperative society has not explained the sources of cash deposits in the bank account during demonetization period. The Ld.AR submitted that entire amount of demonetized currency during demonetization period are receipts from members on account of regular business transactions such as loan repayment, saving deposit, recurring deposit, pigmy collections etc. The members are recognized

AKSHAYA CO-OPERATIVE CREDIT SOCIETY LIMITED,KARWAR vs. INCOME TAX OFFICER, WARD - 1(1), 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

68 of the Act as the cooperative society has not explained the sources of cash deposits in the bank account during demonetization period. The Ld.AR submitted that entire amount of demonetized currency during demonetization period are receipts from members on account of regular business transactions such as loan repayment, saving deposit, recurring deposit, pigmy collections etc. The members are recognized

SHRI SHRADHA CREDIT SOUHARD SAHAKARI NIYMIT NIPANI,NIPANI vs. ITO, WARD-2 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

68 of the Act as the cooperative society has not explained the sources of cash deposits in the bank account during demonetization period. The Ld.AR submitted that entire amount of demonetized currency during demonetization period are receipts from members on account of regular business transactions such as loan repayment, saving deposit, recurring deposit, pigmy collections etc. The members are recognized

THE ADARSH MULTIPURPOSE CO-OPERATIVE SOCIETY,BELAGAVI vs. INCOME TAX OFFICER WARD 1-(2) , BELAGAVI, 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

68 of the Act as the cooperative society has not explained the sources of cash deposits in the bank account during demonetization period. The Ld.AR submitted that entire amount of demonetized currency during demonetization period are receipts from members on account of regular business transactions such as loan repayment, saving deposit, recurring deposit, pigmy collections etc. The members are recognized

SAMARTH URBAN CO-OPERATIVE CREDIT SOCIETY LTD,BELGAUM vs. PR. COMMISSIONER OF INCOME TAX , 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

68 of the Act as the cooperative society has not explained the sources of cash deposits in the bank account during demonetization period. The Ld.AR submitted that entire amount of demonetized currency during demonetization period are receipts from members on account of regular business transactions such as loan repayment, saving deposit, recurring deposit, pigmy collections etc. The members are recognized

KUMTA ADIKE MARATA SOPUHARDA SAHAKARI SANGH NIYAMIT,KUMTA 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

68 of the Act as the cooperative society has not explained the sources of cash deposits in the bank account during demonetization period. The Ld.AR submitted that entire amount of demonetized currency during demonetization period are receipts from members on account of regular business transactions such as loan repayment, saving deposit, recurring deposit, pigmy collections etc. The members are recognized

SHRI BASAVESHWAR URBAN CO OPERATIVE CREDIT SOCIETY LIMITED,BELAGAVI vs. INCOME TAX OFFICER 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

68 of the Act as the cooperative society has not explained the sources of cash deposits in the bank account during demonetization period. The Ld.AR submitted that entire amount of demonetized currency during demonetization period are receipts from members on account of regular business transactions such as loan repayment, saving deposit, recurring deposit, pigmy collections etc. The members are recognized

SHRI BASAVESHWAR URBAN CO OPERATIVE CREDIT SOCIETY LTD,BELAGAVI vs. INCOME TAX OFFICER NATIONAL E ASSESSMENT, 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

68 of the Act as the cooperative society has not explained the sources of cash deposits in the bank account during demonetization period. The Ld.AR submitted that entire amount of demonetized currency during demonetization period are receipts from members on account of regular business transactions such as loan repayment, saving deposit, recurring deposit, pigmy collections etc. The members are recognized

BASAV SOUHARDA CREDIT SAHAKARI NIYAMIT BAILHONGAL,BAILHONGALA vs. INCOME TAX OFFICER NATIONAL E ASSESSMENT CENTER, 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

68 of the Act as the cooperative society has not explained the sources of cash deposits in the bank account during demonetization period. The Ld.AR submitted that entire amount of demonetized currency during demonetization period are receipts from members on account of regular business transactions such as loan repayment, saving deposit, recurring deposit, pigmy collections etc. The members are recognized

VPK URBAN CO-OPERATIVE CREDIT SOCIETY,MARDOL, PONDA vs. INCOME TAX OFFICER, PANAJI

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

68 of the Act as the cooperative society has not explained the sources of cash deposits in the bank account during demonetization period. The Ld.AR submitted that entire amount of demonetized currency during demonetization period are receipts from members on account of regular business transactions such as loan repayment, saving deposit, recurring deposit, pigmy collections etc. The members are recognized

PRATHAMIK KRISHI PATTIN SAHAKARI SANGH NIYAMIT LTD BHOJ,BHOJ vs. INCOME TAX OFFICER, WARD-1, NIPANI

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

68 of the Act as the cooperative society has not explained the sources of cash deposits in the bank account during demonetization period. The Ld.AR submitted that entire amount of demonetized currency during demonetization period are receipts from members on account of regular business transactions such as loan repayment, saving deposit, recurring deposit, pigmy collections etc. The members are recognized

VPK URBAN CO-OPERATIVE CREDIT SOCIETY,MARDOL, PONDA vs. INCOME TAX OFFICER, PANAJI, GOA

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

68 of the Act as the cooperative society has not explained the sources of cash deposits in the bank account during demonetization period. The Ld.AR submitted that entire amount of demonetized currency during demonetization period are receipts from members on account of regular business transactions such as loan repayment, saving deposit, recurring deposit, pigmy collections etc. The members are recognized

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

68 of the Act as the cooperative society has not explained the sources of cash deposits in the bank account during demonetization period. The Ld.AR submitted that entire amount of demonetized currency during demonetization period are receipts from members on account of regular business transactions such as loan repayment, saving deposit, recurring deposit, pigmy collections etc. The members are recognized