2021-TIOL-NEWS-278 Part 2 Dated:Thursday, November 25, 2021

2021-TIOL-NEWS-278 Part 2 | November 25, 2021

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INCOME TAX


	2021-TIOL-1890-ITAT-DEL Kanha Capital Services Ltd Vs Pr.CIT Whether PCIT can exercise revisionary jurisdiction u/s 263 where AO has not conducted proper enquiry and merely accepted returned income filed by assessee – YES: ITAT - Assessee's appeal dismissed: DELHI ITAT 2021-TIOL-1889-ITAT-INDORE DCIT Vs Kasliwal Trucking Pvt Ltd Whether as per explanation (a)(ii) of sec. 56(2)(viib), any competent evidence that proves market value of assets is sufficient to satisfy requirements of the section – YES: ITAT - Revenue's appeal dismissed: INDORE ITAT

INDIRECT TAX

2021-TIOL-2207-HC-GUW-CUS

Eastland Switchgears Pvt Ltd Vs Pr.CC

Cus - The petitioner sought a direction to respondent authorities to process and refund their claim of IGST along with applicable interest for delay in refunding the amount concerned - Department had taken necessary initiative to make the refund and refund could not be effected as because the account provided by petitioner were not acceptable by system in the department - A representative of petitioner would visit the office of Customs Division, Dhubri and sort out the matter and Customs Department may also explore any other alternative means for making the payment of amount in consultation with representative of petitioner - As regards the interest portion, court is unaware of the amount, Department intends to pay to the petitioner as because the amount sought to be refunded is not disclosed to petitioner - If at all, any further grievance still remains on the interest aspect, petitioner is at liberty to approach again: HC

- Writ petition disposed of: GAUHATI HIGH COURT

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NOTIFICATION

cnt94_2021

CBIC again amends Customs exchange rate for Turkish Lira

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