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 with, 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)
“all afternoon
Their witless offspring flock like piped rats to its siren
Crescendo, and agape on the crumbling ridge
Stand in a row and learn.”
—William Stanley Merwin (b. 1927)
“A sociosphere of contact, control, persuasion and dissuasion, of exhibitions of inhibitions in massive or homeopathic doses...: this is obscenity. All structures turned inside out and exhibited, all operations rendered visible. In America this goes all the way from the bewildering network of aerial telephone and electric wires ... to the concrete multiplication of all the bodily functions in the home, the litany of ingredients on the tiniest can of food, the exhibition of income or IQ.”
—Jean Baudrillard (b. 1929)
“Change of fashion is the tax levied by the industry of the poor on the vanity of the rich.”
—Sébastien-Roch Nicolas De Chamfort (1741–1794)
“I believe in women; and in their right to their own best possibilities in every department of life. I believe that the methods of dress practiced among women are a marked hindrance to the realization of these possibilities, and should be scorned or persuaded out of society.”
—Elizabeth Stuart Phelps (1844–1911)