I-T department insists UTI is interest taxable
The Income Tax department is understood to have made out a strong case that UTI is chargeable to interest tax under the Interest Tax Act 1974, following its revival by the Finance Act 1991 and that gross interest and not just income under the head interest is the key for calculating the tax liability. According to legal sources, UTI was brought under the purview of the Interest Tax Act following the definition of "credit institution" which was introduced with effect from October 1, 1991, sub-clause (ii) of clause (5A) of section 2 of interest tax 1974.

Tata Group wins cybersquatting case
Tata Sons, the holding company of India's biggest industrial conglomerate, the Tata Group, has won a case to evict a cybersquatter from 10 contested Internet domain names. Tata Sons had filed a complaint at the World Intellectual Property Organisation against an Indian agency for registering 10 domain names which included ratantata.com, tatapowerco.com, tatatimken.com and jrdtata.com. The Tata Group received the decision in its favour from WIPO , a Tata spokeswoman told Reuters.

Two bidders each for A-I, IA stake
The race for purchase of government's strategic sale in Air-India and Indian Airlines may get restricted to two bidders for each airline. While Tata-SIA and Hindujas are expected to be the only two bidders left in the fray for 40 per cent stake in A-I, in case of IAs' 26 per cent stake, it may be Videocon International and Hindujas.

Star hikes stake in Hathway Cable
STAR TV is believed to have increased its stake in Hathway Cable to 49 per cent from 26 per cent earlier. A STAR spokesperson, however, denied such a move. According to cable operators, Star does not have to invest anything new to up its stake in Hathway.

Glaxo, SmithKline India propose 1:2 swap ratio
Glaxo (India) Ltd (GIL) and SmithKline Beecham Pharmaceuticals (India) (SBPI) have proposed a merger of their Indian operations, allotting one equity share of GIL for every two shares of SBPI.