Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: VAT RATES :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: due date for vat payment :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: cpt :: list of goods taxed at 4% :: ACCOUNTING STANDARD
From the Courts »
 Order of a Four-Member Appellate Authority constituted under Chartered Accountants Act is Valid: Delhi HC
 Emami Infrastructure Ltd vs. ITO (ITAT Kolkata)
  Anand Agarwal vs. Vilas Chandrakant Gaokar (Bombay High Court)
 Bar Council of India vs. A. K. Balaji & Ors (Supreme Court)
 ITO vs. Venkatesh Premises Co-op Society Ltd (Supreme Court)
 Pr CIT vs. Amphenol Interconnect India P. Ltd (Bombay High Court)
 Pr CIT vs. Amphenol Interconnect India P. Ltd (Bombay High Court)
 Anand Agarwal vs. Vilas Chandrakant Gaokar (Bombay High Court)
 Principal Commissioner Of Income Tax (Central)-I Vs. Smt. Ritu Singal
 Vinod Kumar Gupta Vs. Deputy Commissioner Of Income Tax Central Circle-17
 How you can gift and still save tax on top of HRA, tuition fee, more Income Tax Returns (ITR) filing top hack

High court's I-T relief for MSat
February, 01st 2012

The AP high court on Tuesday stayed the moves of the Income Tax department to encash the bank guarantee worth Rs 617 crore tendered by Mahindra Satyam. Granting an interim relief to IT consulting and outsourcing firm Mahindra Satyam, the court also ordered a status quo on the assessment proceedings.

Under the directions of the Supreme Court, the company deposited a bank guarantee of Rs 617 crore last April with the I-T department against its notice for the same amount from 2003-04 to 2008-09, the years for which Satyam Computers, the erstwhile owners of the company, was asked to pay tax. The bank guarantee that Mahindra Satyam subsequently furnished was valid until December 31, 2011.

Earlier, when the Central Board of Direct Taxes wanted to encash the bank guarantee, Mahindra Satyam moved the Andhra Pradesh High Court requesting for relief as the date of encashing the guarantee had lapsed and that it was challenging the CDBT's fundamental claim of taxing the fraud-hit firm. The Income Tax department slapped this notice after disallowing exemptions claimed by the company.

The company has received draft notices of demand for Rs 1,037 crore and Rs 1,075 crore for assessment years 2002-03 and 2007-08. Ever since payment was demanded of Satyam, the firm has been constantly engaging with the tax department saying the computation of the tax dues were made based on the fictitious revenues recorded by B Ramalinga Raju, the founder of Satyam. Satyam has been seeking return or adjustment of taxes paid on inflated income when the company was still managed by the former management.

Mahindra Satyam has in several writ petitions filed before the AP High Court, challenged the re-opening of the assessment of AY 2002-03 and sought directions that fresh assessments should be carried out after removing the fictitious sales and fictitious interest.

All through, the I-T department has said there is no provision in the income tax law that allows a company to understate its income and re-compute tax liability after the assessment has been completed.

In August last year, the I-T firm set aside Rs 400 crore as provision for taxation anticipating a demand for payment of tax.

For the quarter ended June 30, 2011, it paid taxes of Rs 42.55 crore and Rs 58 crore for 2010-11. The company also challenged in the high court the I-T department's decision to call for a special audit of accounts for 2001-07. Satyam Computer Services, which was hit by a Rs 7,000-crore fraud committed by its owner B Ramalinga Raju, was taken over by the Mahindra group in 2009 and renamed Mahindra Satyam.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions