Satyam to pay Rs 617cr bank guarantee in tax row: SC

The Supreme Court has directed Mahindra Satyam to provide a bank guarantee of Rs 617 crore before April 25, in its tax row, sources informed. According to a latest report, the company was also asked to file its representation before the Central Board of Direct Taxes (CBDT) within two weeks to defreeze its accounts. The CBDT would take another two weeks and with all the appropriate reasons will give the ruling. Trusted aides reported that the company would de-freeze the accounts after the timely payment of Rs 617 crore as bank guarantee. Mahindra Satyam was accused of illegitimately claiming tax credit on fabricated income. In result to which the income tax department issued a notice to the company asking for an inspection of its accounts for the assessment years 2003-04 to 2008-09. Sources also stated that the Supreme Court has also given the liberation to Mahindra Satyam to challenge the CBDT’s decision before apex court if not content. However, Mahindra Satyam refused to comment on the same.