HC takes up Tech Mahindra’s plea on Satyam’s IT payments
Hyderabad: The Telangana High Court on Wednesday heard the arguments in the petitions filed by Tech Mahindra challenging the actions of the Income Tax department, which refused to accept the revised returns filed for the years when the former chairman of Satyam had inflated revenue figures and paid taxes on fictitious income. Tech Mahindra computers had urged the Central Board of Direct Taxes for reassessment of its income tax for the years 2003-2009, based on the real income generated to the company. However, the then chairman Ramalinga Raju showed fictitious incomes to Satyam computer and paid income tax based on that amount. When the Satyam scam came to light, CBI and SFIO conducted an investigation and found that around Rs 126 crore income tax had been paid on fictitious amounts.
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