I-T Department slaps Rs616.53 crore tax notice on Mahindra Satyam

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.

User

The future for Japan

It is still unclear, but a survey carried out by economists indicates that any possible V-shaped recovery in its economy in the second half will be determined by the magnitude of electricity disruptions.

Read Article...

User

AT&T’s strategy for its $39 billion T-Mobile deal

It will have to sell major assets and pledge to expand service to weaker areas under its network.

Read Article...

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)