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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Karnataka court issues summons to Yediyurappa in POCSO case

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Bengaluru : The First Fast Track court in Bengaluru on Friday issued summons to former Karnataka Chief Minister and BJP Central Parliamentary Committee member B.S. Yediyurappa in connection with a Protection of Children from Sexual Offences Act (POCSO) case, directing him to be present before it on March 15. The court has also issued summons to the other accused in the case, Y.M. Aruna and Rudresh Marulasiddaiah and asked them to be present before the court on the same day. The court passed the order after considering the charge sheet submitted by the police in the case. Yediyurappa had so far got immunity from the High Court earlier over the summons. Also Read Karnataka: Yediyurappa turns 83, vows to bring BJP back to power Yediyurappa celebrated his 83rd birthday on Thursday and declared that he would kick off a statewide tour to strengthen the BJP and bring it back to power in the state. On February 7, the Karnataka High Court refused to quash charges against him in the c...
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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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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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