Education

Apex court stays I-T demand on Satyam Computers

PTI | Updated on April 06, 2011

The Supreme Court today ordered the Central Board of Direct Taxes (CBDT) to maintain status quo on its demand for Rs 617-crore income-tax from Satyam Computer Services, while asking for a list of the actual liabilities of the scam-hit information technology firm.

A three-judge Bench headed by Chief Justice Mr S.H. Kapadia directed the CBDT to submit a chart by Friday showing the actual income and tax liabilities of Satyam Computers, now known as Mahindra Satyam.

The Bench also hinted that the IT firm will have to pay a part of the actual income-tax demand raised by the CBDT.

The apex court directions came over a petition filed by Satyam Computers challenging an order of the Andhra Pradesh High Court, which had last week directed it to pay Rs 350 crore in cash and submit a bank guarantee of Rs 267 crore to the tax authorities.

The Income-Tax Department had raised the tax demand on account of the fudged income statements shown by the company since 2002 during the regime of disgraced founding Chairman Mr B. Ramalinga Raju.

Published on April 06, 2011

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