Rs 2,000 crore tax: Telangana high court hears Tech M grievance against I-T dept | Hyderabad News

HYDERABAD: Chief Justice Ujjal Bhuyan of Telangana high court on Wednesday heard grievances of Tech Mahindra (formerly Satyam Computers) against income tax department and later adjourned the case to April 12.
CJ heard senior counsel Jehangir Mistry, who argued case of Tech M for several hours, said he would pass an order after hearing the version of I-T department in coming weeks. Addressing Mistry, the CJ sitting along with Justice N Tukaramji in a division bench, however, said perception of people on income tax officers is they are more professional.


The company under its new management of Mahindra group feels it came on invitation from Centre to protect Satyam Computers after fraud perpetrated by then founder-cum-chairman B Ramalinga Raju. “The whole case of Satyam scam revolves around an accounting fraud perpetrated with the help of inflated income figures and hence we are asking for a restatement of accounts based on real income for accounting years 2002 to 2009,” the company said. The income tax department, however, said all facets of the fraud have not yet come out and hence it cannot grant any out-of-the-way help to Tech M contrary to I-T Act.
Mistry said CBI, SFIO and HC have confirmed the company paid excess tax of 126 crore. “I-T department thinks otherwise and is seeking to impose a tax of 2,000 crore on us by withdrawing deductions availed by company during the scam period. The sole reason shown by the I-T department for this is that Ramalinga Raju had cooked up the financials and says that since the financials cannot be relied upon, all deductions claimed based on the said financials are bound to be rejected,” he said.
He said: “For purpose of disallowing deductions, it (I-T department) relies on CBI and SFIO’s findings which said books of accounts were falsified by Raju. But at same time, for conducting an assessment on real income, it refuses to accept findings of CBI and SFIO. Protecting cause of revenue should not be sole purpose of I-T department. It should act fair and determine company’s real income in scam period.”

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