Page 20 - DTPA Journal December 21

e Journal
eJournal

Nov. - Dec., 2021

not verifiable, since paintings were acquired by OFFICER : (2020) 60 CCH 0223 DelTrib
assessee in years much prior to date of search, addition Section 68 is applicable in the case where the assessee
in respect of said paintings could not be made in search offers no explanation about the nature and source
proceedings, and, thus, it would be appropriate to therewith or the explanation offered by him is not in
restore this issue to file of Assessing Officer . the opinion of the Assessing Officer satisfactory in
respect of the sum so credited which may be charged to
Commissioner of Income Tax, Chennai v. Vijay income tax
Kumar Koganti - [2020] 120 taxmann.com 430
(Madras) COMMISSIONER OF INCOME TAX VS
Share application money : Where Assessing Officer SOCIEDADE DE FOMENTO INDUSTRIAL
examined issue regarding substantial increase in capital PVT. LTD. : (2020) 109 CCH 0055 MumHC
investment reflected by assessee in balance sheet in Onus is on Revenue to establish that there is a
scrutiny assessment and passed assessment order, in proximate relationship between expenditure and
absence of any finding by Pr. Commissioner as to how exempt income.
assessment order was erroneous, Tribunal rightly set
aside revisional order passed by Pr. Commissioner on BMR PLYMERS (P) LTD. VS INCOME TAX
said issue . OFFICER : (2020) 60 CCH 0223 DelTrib
Section 68 is applicable in the case where the assessee
SECTION 92C OF THE INCOME-TAX ACT, 1961 offers no explanation about the nature and source
- TRANSFER PRICING - COMPUTATION OF therewith or the explanation offered by him is not in
ARM'S LENGTH PRICE the opinion of the Assessing Officer satisfactory in
respect of the sum so credited which may be charged to
Associated Capsules Pvt. Ltd. v. Assistant income tax.
Commissioner of Income Tax, Circle-42, Mumbai -
[2020] 121 taxmann.com 103 (Mumbai - Trib.) REVISION
Adjustment - Guarantee commission : Guarantee GIGABY TECHNOLOGY (INDIA) PRIVATE
commission is to be charged to extent of actual LTD. VS COMMISSIONER OF INCOME TAX :
exposure of facility availed instead of gross amount of (2020) 109 CCH 0029 MumHC
facility.
Where a final assessment order is made by the AO
INCOME without compliance with the mandate of section 144C,
S. H. MOHAMED NOWFEL VS ASSISTANT the same is not merely an erroneous order but such an
COMMISSIONER OF INCOME TAX : (2020) 60 order is without jurisdiction.
CCH 0222 ChenTrib
GUNJAN GARG & ANR. VS PRINCIPAL
Merely for the reason that assessee was into real estate COMMISSIONER OF INCOME TAX & ANR. :
business and involved in buying and selling of lands for (2020) 60 CCH 0227 DelTrib
profits, profit derived from sale of agricultural land
cannot be brought to tax under the head 'income from When a settlement commission is given a special
business or profession'. power to grant immunity from prosecution and penalty
Under the income tax act itself, it cannot be said that
BMR PLYMERS (P) LTD. VS INCOME TAX assumption of jurisdiction by the settlement

16

e-JOURNAL
e-JOURNAL