Rejecting various petitions filed by the company, the I-T Department has issued a notice to Mahindra Satyam to pay up Rs616.53 crore for the assessment years 2003-04 to 2008-09. Meanwhile, the company has filed a plea in the Andhra Pradesh HC challenging the impugned order
Hyderabad: The Income Tax (I-T) Department has issued a notice to Mahindra Satyam, the new brand identity of Satyam Computer Services, to pay up Rs616.53 crore in taxes, reports PTI.
The company said the Central Board of Direct Taxes, under Section 119 of the Income Tax Act, 1961, rejected various petitions filed by the company seeking reliefs for reopening of past assessments for the assessment years 2003-04 to 2008-09; determining the actual income based on the findings of investigating agencies; and granting a stay on recovery proceedings for the said assessment years.
"Notice under Section 226 (3) has been issued by the additional commissioner of Income Tax, Hyderabad, for recovery of Rs616,53,92,660. The company has filed a writ petition before the Honourable High Court of Andhra Pradesh, Hyderabad, challenging the said impugned order and seeking stay of further proceedings," the company said in a filing to the stock exchanges today.
Shares of Satyam Computers were being quoted at Rs66.50 apiece, down 0.82% from its previous close on the Bombay Stock Exchange in mid-morning trade today.