Mahindra Satyam to approach court against I-T notice
23 Aug 2011
Mahindra Satyam is planning to move the Andhra Pradesh High Court to challenge the I-T department's demand for a whopping Rs2,114 crore in tax.
The firm would approach the court within two weeks, CNBC-TV18's Kritika Saxena reported quoting sources.
The legal team of Mahindra Satyam is believed to have finalised the details against the tax notice but sources say the company has only received a show-cause notice and is yet to receive a final order.
The company had earlier been served a tax notice of Rs617 crore for 2003-09, which is under litigation in the Supreme Court.
The company has, in several writ petitions filed before the Andhra Pradesh High Court, challenged the re-opening of the assessment of 2002-03 and sought directions for fresh assessments to be carried out after removing fictitious sales and fictitious interest.
The petitions are pending before the High Court.
Mahindra Satyam was down 1.48 per cent at Rs66.70 in morning trade on the BSE after the income tax department slapped the tax demand after disallowing the exemptions sought by the company.
The company has received draft notices of demand for Rs1,037.69 crore and Rs1,075.73 crore for assessment years 2002-03 and 2007-08, respectively, which proposed disallowance of tax exemptions/deductions claimed by the company.
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