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Pyramid Saimira to challenge I-T dept in court on Monday
March, 16th 2009

Leading theatre chain Pyramid Saimira will move court on Monday against the Income-Tax department's decision to attach the company's over Rs 240 crore bank accounts for alleged non-payment of tax.

"We will file a case against the Income-Tax department at the Madras High Court on Monday," a company source told PTI.

On Friday, the tax department in Chennai had attached the bank accounts of Pyramid Saimira as the company had allegedly not paid the complete self-assessment tax.

As far as Pyramid Saimira Theatre Ltd is concerned, there are no tax dues as of now, company Chairman and Managing Director P S Saminathan said in a statement.

The company has filed a revised return wherein it has claimed a refund, he said, adding there is no tax demand on the company based on a completed assessment.

"We feel this continued attachment by the I-T department is not in accordance with law and further their purported demand was for (Rs) 26 crore and for that they have attached Rs 165 crore of investment/(Rs) 50 crore of normal trade receivables and (Rs) 30 crore of theatre receivables, totalling Rs 245 crore," Mr.Saminathan said.

He also complained that the tax department's move has crippled the company's normal operations.

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