Technology major Mahindra Satyam has written to the finance ministry against the demand notice sent by the Income Tax (I-T) department, reports CNBC-TV18's Kritika Saxena quoting sources close to the development. The company wants the ministry to review tax claims of Rs 617 crore and seeks stay under Section 119 of I-T Act, 1961.
Mahindra Satyam, however, has not received any response yet. The company is planning to approach the Ministry of Corporate Affairs to get the issue resolved.
The Mahindra-group company said the Central Board of Direct Taxes rejected various petitions it filed seeking reliefs for re-opening of past assessments for 2003-04 to 2008-09, determining the actual income based on the findings of investigating agencies, and granting stay of recovery proceedings for the said assessment years.
The company, in fact, is expecting to get a refund around Rs 300 crore. Sources also say that the case hearing is scheduled in the Andhra Pradesh court on March 25th.
Meanwhile, Dennis Nally, Chairman of PwC International has said that he is actively engaged in talks with regulators on Satyam. "We have a real desire to work with the regulators in a constructive way and we would want to arrive at fair and equitable conclusion," he added.
Mahindra Satyam shares were trading down at 0.30%.
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