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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Karnataka: BJP MLA used HIV positive women to honey trap rivals, probe launched

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In a shocking revelation, a 40-year-old woman has accused Bharatiya Janta Party (BJP) MLA Munirathna of raping her, claiming that the MLA used a honey-trapping scheme involving women infected with HIV to target his rivals. Police on September 18 registered a case against Munirathna for repeated rape, sexual harassment, and voyeurism following a complaint filed by the woman. In her complaint, she alleged that Munirathna sexually assaulted her in March 2020 and continued to rape her for the next two years. She further asserted that he used to threaten and force her into unlawful acts, including honey-trapping political rivals. According to her account, the victim said that the MLA during a conversation with her revealed that he used honeytraping tactics for one of his political rivals, who was infected with HIV. The MLA had asked her to help him lure another target using an HIV-infected person. However, the complainant refused. The police, who are investigating the rape charges, wil...
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MUDA case: Karnataka HC rejects Siddaramaiah’s plea against Governor move

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The Karnataka High Court dismissed chief minister Siddaramaiah’s petition on Tuesday, September 24, challenging Governor Thaawarchand Gehlot’s approval for an investigation into the Mysuru Urban Development Authority (MUDA) site allotment case. In a single judge bench, Justice M Nagaprasanna stated that an investigation was necessary and affirmed the governor’s authority to make an independent decision. The court found no evidence of the Governor’s non-application of mind in the matter. The chief minister challenged the approval given by the Governor for an investigation against him in the alleged irregularities in the allotment of 14 sites to his wife by the MUDA in a prime locality. “The facts narrated in the petition would undoubtedly require investigation, in the teeth of the fact that the beneficiary of all these acts is not anybody outside but the family of the petitioner. The petition stands dismissed,” Justice Nagaprasanna ruled, adding, “interim order of any kind subsistin...
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