Rs 616.53 cr I-T notice to Mahindra Satyam
The company filed a writ petition seeking stay of further proceedings.
Hyderabad: The Income Tax Department has issued a notice to Mahindra Satyam, the new brand identity of Satyam Computer Services Ltd, to pay Rs 616.53 crore in taxes, the company said in a stock exchange filing on Tuesday.
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 Rs 616,53,92,660. The company filed a writ petition before the Hon'ble High Court of Andhra Pradesh, Hyderabad, challenging the said impugned order and seeking stay of further proceedings," the company said in a statement.
Shares of Satyam were being quoted at Rs 66.45 on the BSE in early trade on Tuesday.
Recommended For You
- New KTM Duke 390, Duke 250, Duke 200 Launched; Prices Start at Rs 1.43 Lakh
- Baahubali 2 Motion Poster Indicates Just How Epic the Film Is Going to Be
- Oscars 2017: Of Androgynous Fashion Moments at Red Carpets
- Rangoon Review: Kangana Shines in This War-Time Romance
- MINI Cooper D (5-Door) Review: A Classic That Encapsulates Modern Technology