IN THE INCOME TAX APPELLATE TRIBUNAL, PANAJI BENCH, GOA BEFORE HON’BLE SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER AND SHRI G. D. PADMAHSHALI, ACCOUNTANT MEMBER ITA Nos. 123/PAN/2024 Assessment Year : 2013-14 Chowgule Industries Pvt. Ltd.

503, Gabmar Apartment, Vasco da Gama, Goa.

PAN:AACCC9272H. . . . . . . . Appellant V/s Dy. Commissioner of Income Tax, Circle-1(1), Panaji, Goa . . . . . . . Respondent Appearances Assessee by : Ms Pooja Bandekar [‘Ld. AR’]

Revenue by : Mr Renga Rajan [‘Ld. DR’]

Date of conclusive Hearing : 19/02/2026 Date of Pronouncement : 20/02/2026

ORDER

PER G. D. PADMAHSHALI;

The present appeal is instituted u/s 253(1) of the Income Tax Act, 1961 [‘the Act’ in short] challenges the DIN & Order No ITBA/NFAC/S/250/2023- 24/1055609832(1) dt. 31/08/2023 passed by the National Faceless Appeal Centre, Delhi, [‘Ld. NFAC’ in short] u/s 250 of the Act anent to assessment year 2013-14 [‘AY’ in short]

2. Briefly stated the pertinent facts of the case are that;

2.1 The ‘Chowgule Industries Ltd.’ [‘CIL’] was originally incorporated as public limited company under the provisions of Companies Act, 1956 on 30/11/1963. The CIL applied for allotment of PAN and accordingly the Revenue allotted a PAN ‘AAAFC5704B on 10/09/1998. The CIL with such PAN ‘AAAFC5704B was filing its income tax returns in the status of FIRM upto AY 2007-08. Thereafter no returns of income in the with this PAN & status was filed for AY 2008-09 to AY 2013-14. The CIL converted itself into Private Limited Company under the applicable provisions of the Act and thus became Chowgule Industries Pvt. Ltd. [‘CIPL’]. The CIPL applied for fresh PAN to which the Revenue allotted a new PAN ‘AACCC9272H’ in the status of company. The CIPL with this new PAN filed its return of income for AY 2008-09 to 2012-13.

2.2 The Revenue was in receipt of information through AIR that huge financial/income transactions amounting to ₹27,74,53,108/- were carried out against PAN ‘AAAFC5704B’ which precisely were; (i) contract receipt/income of ₹3,17,25,779/- on which TDS u/s 194C of the Act was deducted, (ii) brokerage receipt/income of ₹94,86,636/- on which TDS u/s 194H of the Act was deducted (iii) interest income of ₹16,349/- on which TDS u/s 194A of the Act was deducted (iv) cash deposit of ₹12,16,69,672/- in one or more saving bank account and (v) cash deposit of ₹11,45,54,672/-

with a banking company. As there was no return of income filed u/s 139 of the Act with this PAN, in view of the aforestated transactions and in the absence of return of income the case of PAN-‘AAAFC5704B’ assessee after recording reasons and obtaining approval from competent authority was reopened u/s 147 of the Act.

2.3 The assessee holding two PANs did neither comply with the notices issued u/s 148/142(1) of the Act nor made any representation in assessment proceedings. In the circumstances after putting the assessee to show cause notice, the assessment was completed to the best of judgement u/s 147 r.w.s. 144 r.w.s. 144B of the Act whereby a sum of ₹24,35,05,724/- was brought to tax as undisclosed income vide an assessment order dt. 30/03/2022 framed in the name of CIPL with against PAN-‘AAAFC5704B’.

2.4 Against the said assessment the CIPL filed an appeal u/s 246A r.w.s. 249 of the Act with the PAN-AACCC9272H. The Ld. CIT(A) after going through the submission and considering the order/direction of Hon’ble Bombay High Court dismissed the appeal in limine with the observation that, ‘I find since the order has been passed in the case of Chowgule Industries Private Ltd. whose status is FIRM and whose PAN is AAAFC5704B, form 35 filed in the PAN AACCC9272H being not entertainable hence rejected.’

3. In this factual background we have heard the rival parties on limited issue of in limine dismissal of first appeal by the Ld. NFAC and perused material placed on records. We note that, the CIPL approached the Hon’ble Bombay High Court in WP 980/2022, which vide order dt. 14/07/2022 was dismissed the writ with a liberty to