Oracle banking problem
By Sumir Singh

Oracle may be one of the most powerful technology companies in the world but that has not stopped the Government from freezing its bank account in Bangalore.  BM broke the story

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For the first time in the state since it earned the moniker ‘IT Capital of India’, the bank account of a global major has been attached. At the receiving end is Sun Microsystems (now Oracle).

IT companies, including Infosys, have been slapped notices by the commercial tax department of the Karnataka government, but attaching the bank account of an IT major is still unheard of. The account in Bank of America, Chennai, had Rs 67 crore in it, and commercial tax has got the amount credited to the exchequer and is treating it as part-payment towards the Rs 115 crore the company, so says the government department, owes it as VAT/sales tax. Miffed by this action and challenging the tax notice, the company has approached the Karnataka Appellate Tribunal and now the issue is being argued before the joint commissioner, appeals.
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