The teams were locked 1-1 at half time.
Panjim Veterans played to a plan and attacked right from the word go with Pascoal Pereira in thick of action.
The former Dempo SC star was unstoppable as he gave his team the lead with a clinical finish off an assist from Seby D’Costa.
At the other end, Chinchinim Veterans took time to settle down but their strikers could not create any clear cut chances.
In the second session, Chinchinim Veterans were all pumped up and marched ahead in search of the equalizer.
They finally restore parity as Panjim Veterans goalkeeper could not stop the ball off a delightful free-kick by Mario Soares.
The team went head-to-head in the final quarter but neither could score the match-winner as the overwhelming fans awaited the crucial penalty shoot-out.
Panjim Veterans held the edge as Anthony Pereira netted first as then Neville Araujo, Pascoal, Govind Balekar, Daniel Noronha, Ramesh Palkar and Alex Alvares kept their composure to score.
Chinchinim Veterans scored through Mario, Jerry Fernandes, Santan Rebello, Adrian Lobo, Mahesh Lotlikar and John Letiao.
Deputy Chief Minister of Goa Adv Francis D'Souza was the chief gust and gave away the prizes in the presence of guest of honour and MLA of Aldona constituency Glen Ticlo, Ryan Braganza and Kayle Braganza.
Panjim Veterans received Rs 66,666 while Chinchinim Veterans had to be content with Rs 33,333.
Individual prizes were to the following. Best goalkeeper: Francis Fernandes. First scorer of the final Pascoal Pereira. Man-of-the-Match Anthony Pereira (all Panjim Veterans). Best defender: Erodino Rebello and Player of the tournament Mario Soares. (Chinchinim Veterans).
Earlier, in the exhibition girl’s match, Government College of Quepem got the better of St Xavier's College, Mapusa.