IT Dept prescribes hybrid formula for determining FMV of capital assets in slump sale

Budget 2021 amended the tax law on fair market value

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MUDA scam: Karnataka Lokayukta seeks more time to submit final report

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Bengaluru : The Karnataka Lokayukta, which is probing the Mysuru Urban Development Authority (MUDA) land scam matter in which Chief Minister Siddaramaiah was named as one of the accused, has sought more time from the court to submit the final report. Considering the plea, Judge Santhosh Gajanan Bhat of the Special Court for MLAs/MPs in Bengaluru has posted the matter for hearing on February 24. The counsel representing the prosecution submitted that Lokayukta ADGP A. Subramanyeshwara Rao is reviewing the report and requested additional time for submission due to technical reasons. Mysuru Lokayukta SP T.J. Udesh had submitted the MUDA scam report to Lokayukta ADGP Subramanyeshwara Rao on February 13, following the directions of the High Court bench headed by Justice M. Nagaprasanna. According to sources, the final report on the MUDA scam consists of 550 pages across five volumes. The legal cell of the Lokayukta will examine the report and decide whether to file a charge sheet or su...
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Kannada actor held for smuggling gold worth Rs 12 cr from Dubai

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Bengaluru : The arrest of Kannada film actor Ranya Rao, daughter of a senior IPS officer in Karnataka , has exposed a major gold smuggling operation in India. Investigations by the Directorate of Revenue Intelligence (DRI) revealed that the 31-year-old actress used an unusual method to evade security checks — she attached 14 gold bars to her thighs using adhesive, wrapped them with tape, and concealed them under a crepe bandage. Officials described her arrest as one of the biggest breakthroughs in recent gold smuggling cases. So far, authorities have seized 17.29 kg of gold and cash in the case. This includes 14.8 kg of gold worth Rs 12.56 crore recovered at the airport, Rs 2.06 crore worth of gold from her Bengaluru residence, and apart from that Rs 2.67 crore in cash. Ranya Rao was apprehended on Monday night upon her arrival at Kempegowda International Airport in Bengaluru on an Emirates flight from Dubai. The DRI, acting on prior intelligence, deployed a four-member team at t...
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Maha-Karnataka language row: Family to withdraw POCSO case against conductor

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Bengaluru: As the situation continued to be tense in the border areas of Karnataka and Maharashtra following the attack on the RTC bus conductor in Belagavi for allegedly not responding in Marathi, the family of the minor girl involved in the case on Tuesday announced that they have decided to withdraw the POCSO case. The mother of the girl has also appealed to the people of Karnataka and Maharashtra states not to blow the incident out of proportion. The mother in the video stated, “The incident had taken place when my son and daughter went to the hospital after getting a ticket. The conductor had used bad language. We love the Kannada language and speak Marathi at home.” “We are concerned and saddened that the issue has snowballed into a crisis situation between two states and an issue of tussle over language. We apologise if we have made any mistake. Those who are involved in the assault have been jailed. The matter should end here. It was a scuffle over the ticket. We are withd...
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