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Corporate Economy Expressions Markets Leisure 03 February 1998   Tribunal allows builders deduction of extortion money from income The Income-Tax Appellate Tribunal (ITAT) has ruled protection money paid by a builder as an allowable expenditure. Delivering the order in a case between Pranav Construction Co and the assistant commissioner of income-tax (investigation), the tribunal allowed a deduction of Rs 43.2 lakh to the assessee.   Telco scraps cheap-finance scheme Telco has abandoned its experiment in cheap finance owing to the recent 3%-4% spurt in interest rates. The company has closed its 5% flat finance scheme effective January 31, only a month after it's launch. Air India to fly past unviable routes Air India (AI) is undertaking a major restructuring of its operations by pulling out of several unviable routes to certain European, Asian and African destinations following acute financial crunch faced by the airline. Metal Box shares transferred: BIFR's terms for revival package flouted The management of the ailing Metal Box of India has sold some prime real estate and sub-let some with a view to sell it later, clouding the revival plan envisaged by the Board for Industrial & Financial Reconstruction (BIFR). Managing director V Krishna has also bought 33% of the shares in the company.   CBDT asks commissioners to issue VDIS certificates The Central Board of Direct Taxes (CBDT) has directed chief commissioners to issue all voluntary disclosure of income scheme (VDIS) 1997 certificates in all cases, whether "usual" or "unusual", with immediate effect. Besides, CBDT has also directed to conduct Investigation proceedings at the assessment stage. Sensex vaults 130 points as FII buying, Asian rally lift morale The bellwether 30-scrip Sensitive Index shot up by an enthusiastic 130 points yesterday to close at 3,354 points. The recovery came amid waxing confidence that the country was insulated from the spread of the south-east Asian currency crisis and an improved liquidity in the money markets.   CORPORATE LN Mittal group plans $175m update at Ispat Mexicana GE Plastics ties up with Polychem for sourcing ECONOMY FIEO expects Re to settle at 40 to a dollar Rid development fund from ministry ambit: FIEO EXPRESSIONS No special lessons to be learnt from S-E Asia Privatise Air India MARKETS BSE to get rid of spot delivery for firms coming out with rights Finance firms guidelines see market "downgrade" Crisil: scrip hammered LEISURE BPR: A tool to step up profitability Use the Usenet for reaching out to like-minded people alt="Bottom banner spot" border="0">