I-T slaps notice on Vodafone on Hutch

NEW DELHI: The income tax department on Friday slapped a showcause notice on telecom major Vodafone International Holdings over non-payment of tax at source towards $11.2 billion paid to buy Hutchison’s operation in India in May 2007. The company has to file the reply by November 16. The notice comes after the Supreme Court dismissed the company’s application questioning the tax department's jurisdiction over a Dutch company. When contacted, Vodafone spokesperson confirmed the receipt of the notice.

Indian Hotels gets Rs 130 cr insurance

MUMBAI: Indian Hotels of the Tatas has received Rs 130 crore in insurance claims due to damages caused in the Taj Mahal Palace & Tower last year due to the terror strike. The insurance claim amount has been accounted for as other operating income. The company's net profit fell to Rs 11.87 crore from Rs 50.6 crore in the July-September quarter of 2008. The 16 per cent decline in total income of the company to Rs 329.69 crore in the second quarter this fiscal was on account of slowdown in travel trade and terror attack. Total income was also adversely impacted because of the closure of 287 rooms.