Citibank is striving to resolve issues arising from the fraud perpetrated by a relationship manager of Gurgaon branch on unsuspecting customers. The bank has issued a statement saying that it is in touch with customers affected by the fraud and working towards awarding them fair compensation.
IT demand on GE R&D unit creates uncertainty regarding taxability of income of such units.
IT department has raised a demand for Rs 64 Crores from GE India Technology Centre for 2007-08, for claiming deduction u/s 10A of the IT Act for income from software exports. The dept wants to know how a unit which employs scientists for R&D activities has claimed deduction u/s 10A.
Compensation for land acquisition should be based on fair market value, rules SC
SC has ruled that fair market value of the land in the neighbourhood, and not auction price should be the criteria for determining compensation in land acquisition cases. Auction prices are not fair indicators, as distress sale by banks or courts depresses the price, while open auction inflates it.
