Latest news with #VegaFunmobilePrivateLimited
Time of India
13-06-2025
- Business
- Time of India
BCC Issues final notice to Vega Funmobile over Rs 7.3 crore property tax dues
Belagavi: The Belagavi City Corporation (BCC) issued a final notice to Vega Funmobile Private Limited, demanding the payment of Rs 7,33,66,476 in overdue property tax, pending from 2004–05 to 2025–26. Tired of too many ads? go ad free now The notice follows allegations of tax evasion and serious violations of building construction norms by the company. According to the breakdown provided in the notice, the total due includes: Property tax Rs 1,99,49,156, cesses Rs 50,76,836, penalty Rs 4,82,33,084, and solid waste management tax of Rs 1,07,400. The notice, issued under the Karnataka Municipal Corporations (KMC) Act, 1976, mandates the company to pay the dues within seven days of receipt. Failure to do so will lead to strict recovery action, including distraint and sale of movable assets, and attachment of immovable properties. Speaking to the TOI, BCC commissioner Shubha B said: "This is the final warning issued to the company. If the dues are not cleared, legal proceedings will be initiated." She clarified that the outstanding amount was calculated after adjusting previously paid amounts. Significantly, the 24,000 sq ft commercial structure operated by Vega Funmobile is entirely unauthorised, built without a valid building permit. Despite this, the company was paying property tax under the commercial category through the Self-Assessment Scheme (SAS) since 2004, without proper verification. BCC sources revealed that a detailed inquiry led to the penalty after detecting mismatches between the declared and actual built-up area. The company is said to have admitted to the violations during the proceedings. As a result, action was taken under Section 112(C) of the KMC Act, 1976. Tired of too many ads? go ad free now Commissioner Shubha conducted a comprehensive investigation, including spot inspections, review of electricity records, construction timelines, and satellite imagery analysis. Following this, she conducted three hearings on Jan 31, April 15, and April 21, 2025. The office issued a final order on April 25, and the final notice was served on Tuesday.
Time of India
03-05-2025
- Business
- Time of India
Belagavi City Corp (BCC) slaps Rs 7 crore penalty on firm over tax evasion
Belagavi City Corporation (BCC) has imposed a hefty penalty of Rs 7,08,66,578 on Vega Funmobile Private Limited for alleged tax evasion and violations of building construction norms BELAGAVI: Belagavi City Corporation (BCC) has levied a tax penalty of Rs 7,08,66,578 on Vega Funmobile Private Limited for alleged tax evasion and serious violations in building construction norms. According to BCC sources, the penalty was imposed based on discrepancies between the actual built-up area and the area declared for property tax assessment, and also in view of the fact that it continued to pay taxes under the commercial slab though its operations fell under the industrial category . The company reportedly admitted to the violations during proceedings, prompting action under Section 112(C) of the Karnataka Municipal Corporations Act , 1976. Shubha B, the BCC commissioner, passed the order, following three hearings on Jan 31, April 15, and April 21, 2025. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like New Container Houses Egypt (Take A Look At The Prices) Container House Search Now Undo In keeping with the Municipal Act, the company must deposit 50% of the penalty amount before appealing to the BCC standing committee on taxation. "The tax was calculated after deducting previously paid tax amounts," Shubha told TOI. "The 24,000 sq ft structure is entirely unauthorised, constructed without a valid building permit. Despite this, the company has been paying tax since 2004, using the self-assessment scheme, which lacked verification," the officer said. Shubha added that Vega Funmobile had entered a memorandum of understanding (MoU) with BEMCO Company for leasing the land in August 2002. Initially, in 2002-03, the company had paid taxes, declaring the land as vacant. Though building permission was granted in Dec 2003, there was no construction in 2004-05. Even then, building tax was paid under the commercial slab, even though the usage fell under the industrial category. The commissioner initiated a detailed inquiry upon detecting these discrepancies. Following the hearings, an order dated April 25 directed the company to remit the full tax and penalty amount to BCC.
Time of India
02-05-2025
- Business
- Time of India
BCC slaps Rs 7Cr penalty on firm over tax evasion
Belagavi: Belagavi City Corporation (BCC) has levied a tax penalty of Rs 7,08,66,578 on Vega Funmobile Private Limited for alleged tax evasion and serious violations in building construction norms. According to BCC sources, the penalty was imposed based on discrepancies between the actual built-up area and the area declared for property tax assessment , and also in view of the fact that it continued to pay taxes under the commercial slab though its operations fell under the industrial category . The company reportedly admitted to the violations during proceedings, prompting action under Section 112(C) of the Karnataka Municipal Corporations Act , 1976. Shubha B, the BCC commissioner, passed the order, following three hearings on Jan 31, April 15, and April 21, 2025. In keeping with the Municipal Act, the company must deposit 50% of the penalty amount before appealing to the BCC standing committee on taxation. "The tax was calculated after deducting previously paid tax amounts," Shubha told TOI. "The 24,000 sq ft structure is entirely unauthorised, constructed without a valid building permit. Despite this, the company has been paying tax since 2004, using the self-assessment scheme, which lacked verification," the officer said. Shubha added that Vega Funmobile had entered a memorandum of understanding (MoU) with BEMCO Company for leasing the land in August 2002. Initially, in 2002-03, the company had paid taxes, declaring the land as vacant. Though building permission was granted in Dec 2003, there was no construction in 2004-05. Even then, building tax was paid under the commercial slab, even though the usage fell under the industrial category. The commissioner initiated a detailed inquiry upon detecting these discrepancies. Following the hearings, an order dated April 25 directed the company to remit the full tax and penalty amount to BCC.
