570 Crores Demand on Mahindra Satyam
Legal Corner Icon — the image was hosted by the publisher and was not captured.THE Income Tax Department is understood to have issued a demand for Rs 570 Crores from Mahindra Satyam for illegally claiming tax credit on fictitious income during the period 2003-04 to 2008-09.
The Company had requested the Income Tax Department to ignore the income as it was fictitious. But the Income department finds no provision to write off income.
If an assessee shows income which was simply not there, is Income Tax payable?
Meanwhile the founder of Satyam, Ramalinga Raju was summoned to the CBI office in Hyderabad yesterday.