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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BJP’s victory in local body polls indicator of coming Assembly polls: Bommai

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Bengaluru : The results of local body polls in Vijayapura and Kollegal, on Monday, came as a shot in the arm for the Basavaraj Bommai-led BJP government in Karnataka. The Chief Minister expressed his happiness over the victory of BJP in local body polls to Vijayapura City Corporation, Kollegal Town Municipality and Savanur Town Panchayat on Monday. The elections were held on October 28. Of the total 35 seats, BJP has won in 17 seats in Vijayapura City Corporation, with the Congress winning only 10 seats. The AIMIM won two seats, while the JD(S) settled for one seat. The BJP is expected to take help from the independent candidates who have won five seats. In Kollegal city Municipal Council, the BJP swept the polls by winning six of the seven seats. Also Read Karnata: CM Bommai, corporate honchos congratulate UK PM-elect Rishi Sunak “This is the indicator for the blooming of lotus all over the State in the 2023 Assembly elections,” the CM said. As Karnataka is due for assembly...
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Should there be a lesson on Jinnah?: Karnataka K.S. Eshwarappa asks

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Bagalkot : Criticising the textbook revision row in Karnataka, senior BJP leader and former Minister, K.S. Eshwarappa on Thursday asked if a lesson on Muhammad Ali Jinnah should also be included in the syllabus. The statement has already stirred a controversy, adding to the confusion surrounding the textbook revision row in Karnataka. The government has appointed the Textbook Revision Committee headed by thinker Rohith Chakrathirtha. The committee has reviewed Kannada language textbooks of 1st to SSLC (Class 10) and Social Science textbooks of classes 6-10. The state government has also asked the committee to revise the history textbook of II PUC. Coming down heavily on the people who are objecting to the inclusion of a lesson containing the speech of RSS founder K.B. Hedgewar, Eshwarappa said it was to introduce the culture of the land and patriotism to the students. “Do you think there should be a lesson included on Mughal king Aurangazeb who destroyed Shivling? Till date studen...
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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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