I-T seeks Rs 30k cr penalty from Cairn for non-payment of tax
New Delhi: The Income Tax Department has slapped a fresh notice on British firm Cairn Energy, seeking up to Rs 30,700 crore in penalties for its alleged failure to pay Rs 10,247 crore capital gains tax on time. Within weeks of tax tribunal ITAT upholding levy of retrospective tax, the Income Tax Department first sent a fresh demand note of Rs 10,247 crore and another show cause notice asking as to why penalty should not be levied for its failure in paying tax on time and filing of returns.
Domestic air passenger traffic up by 15%
Mumbai : The deceleration in the domestic air traffic growth continues for the second consecutive month this year with the demand for travel going up nearly 15 per cent to 90.45 lakh in March. The local airlines had flown 78.72 lakh passengers in March 2016. After posting over 20 per cent growth in domestic passenger market for the 13 consecutive months till January this year, the demand air travel dropped to 15.77 per cent in February.
RDEl gets lenders’ approval to exit CDR
New Delhi: Reliance Defence and Engineering (RDEl) has secured nod from a consortium of lenders to exit its corporate debt restructuring package.The consortium of lenders, led by IDBI, has agreed to the exit plan of RDEl, a subsidiary of Reliance Infrastructure, with a longer maturity period for loans worth about Rs 6,800 crore, sources said. The lenders have also given their go-ahead to implementation of refinancing scheme of RDEl.