Row With Income Tax Department
The Income Tax Department had issued notices to the company seeking 617 crore tax for the assessment years from 2003-04 to 2008-09, when the company was run by the founder B Ramalinga Raju and his team. The Central Board of Direct Taxes has attached the properties of Mahindra Satyam on February 3, 2012,stating the attachment of properties was according to Section 281 B of the Income Tax Act. Section 281 B refers to recovery of tax and allows the tax department to issue provisional orders to the assessee to safeguard revenues accrued to it.The Income Tax department had slapped notice on the company after disallowing exemptions claimed by the software firm. The company has received notices of demand for 1,037 crore and 1,075 crore for assessment years 2002-03 and 2007–08, respectively. However, the Andhra Pradesh High Court granted a breather to Mahindra Satyam, by staying the Income Tax Department's provisional order to attach properties of the IT firm.
Read more about this topic: Mahindra Satyam
Famous quotes containing the words row, income, tax and/or department:
“Row after row with strict impunity
The headstones yield their names to the element,
The wind whirrs without recollection....”
—Allen Tate (1899–1979)
“Italy is such a delightful place to live in if you happen to be a man. There one may enjoy that exquisite luxury of Socialism—that true Socialism which is based not on equality of income or character, but on the equality of manners. In the democracy of the caffè or the street the great question of our life has been solved, and the brotherhood of man is a reality. But it is accomplished at the expense of the sisterhood of women.”
—E.M. (Edward Morgan)
“But the tax collector, standing far off, would not even look up to heaven, but was beating his breast and saying, ‘God, be merciful to me, a sinner!’”
—Bible: New Testament, Luke 18:13.
““Which is more important to you, your field or your children?” the department head asked. She replied, “That’s like asking me if I could walk better if you amputated my right leg or my left leg.””
—Anonymous Parent. As quoted in Women and the Work Family Dilemma, by Deborah J. Swiss and Judith P. Walker, ch. 2 (1993)