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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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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Bengaluru: Bus conductor fails to return Rs 1; court orders BMTC to pay Rs 3K as compensation

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The Bangalore Metropolitan Transport Corporation (BMTC) was recently ordered to pay a man Rs 2,000 in compensation after he was denied Rs 1 change for a bus ride by the Bengaluru Urban District Consumer Dispute Redressal Commission. According to several media reports, in 2019, a man named Ramesh Naik went on a BMTC bus from Shantinagar to Majestic bus depot, during which the conductor issued a ticket for Rs 29. The complainant paid Rs 30 and was not given the change. Keeping up the fight, Naik then complained about the conductor to BMTC’s high authorities. To his surprise, the authorities made fun of him and drove him away. Unhappy with this, he filed a complaint with the local consumer court, asking Rs 15,000 in compensation. The court has now ordered the Bangalore Metropolitan Transport Corporation (BMTC) to pay the guy Rs 2,000 in compensation. The court also ordered BMTC to pay Rs 1,000 towards the complainant’s legal expenses. “It is the customer’s right to receive the balan...
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