Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: empanelment :: VAT Audit :: ACCOUNTING STANDARD :: TDS :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: form 3cd :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: VAT RATES
 
 
« News Headlines »
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid
 All you need to know about form 26AS
 How to file income tax return?
 7 changes that affect income tax return filing this year
 How To File Income Tax Return (ITR) Online For FY2016-17? Last Date July 31
 Last date for filing income tax return approaches: What is Form 26AS? How it can help you claim refunds
 Income Tax department to launch mobile app to make life easy for taxpayers
 6 things to remember while filing your income tax return
 Want to save on tax? Here are deductions you can use while filing ITR
 July 31 Is Last Date For Filing Tax Return. Why Form 26AS Has To Be Checked

Satyam land deal robbed the state of Rs20cr: CAG
May, 03rd 2010

The comptroller and auditor general (CAG) has slammed the state government for granting an undue benefit of Rs20.21 crore to Satyam Computer Services Limited (SCSL).

The company was given land at a rate much lower than the existing market price for the Multi-model International Passenger and Cargo Hub Airport (Mihan) at Nagpur.

And SCSL was given the concession without the approval of the board of directors of the Maharashtra Airport Development Company (MADC), nodal agency for the project.

While selling land to the various companies establishing their facilities at the special economic zone in Mihan, the rate finalised by the board of directors was Rs24.28 lakh per acre.

However, SCSL was given land at the rate of Rs18 lakh per acre. It resulted in a loss of Rs6.28 crore for the MADC, and subsequently for the government.

On the other hand, Shapoorji Pallonji and Company Limited (SPCL) had to buy land at Rs26.3 lakh per acre a rate higher than the quoted price.

After the first deal at a discounted rate in 2005, SCSL made a request for additional land. The company was allotted 28.06 acres of additional land at the rate of Rs22.35 lakh per acre in March 2007. This was done without approval of the board of directors.

The market price during 2005-06 was Rs72 lakh per acre, as offered by M/s Reatox Builders & Developers for the non-processing zones. The irregularity led to a revenue loss of Rs13.93 crore. The total loss in the two deals was Rs20.21 crore, the CAG report has said.

In its clarification to the CAG, the MADC management has said that the first allotment to SCSL and the SPCL deal was not made on the same day. However, the CAG is not ready to buy it.

Advertisement for the land was given in December 2004, while the Centre approved the SEZ in August 2005. For the allotments to SCSL and SPCL, it is true that they were not done on the same day, but both proposals were approved in the same meeting on December 5, 2005, the report said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions