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SC holds Satyam tax order for 2 weeks

SC holds Satyam tax order for 2 weeks
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First Published: Thu, Jul 07 2011. 01 39 PM IST
Updated: Thu, Jul 07 2011. 01 38 PM IST
New Delhi: In light of the Central Board of Direct Taxes (CBDT) about to issue its order on the Rs 617 crore Satyam Computers tax demand raised by the authorities, the Supreme Court (SC) on Thursday asked the CBDT to wait for two weeks before giving affect to the order.
Satyam moved an application for clarification of a 15 April SC order, which had asked the tax department to assess whether Satyam was liable to pay the tax. The court had also asked Satyam to provide bank guarantees worth Rs 617 crore.
The matter was heard by Chief Justice S.H. Kapadia, Justice B. Sudershan Reddy and Justice K.S. Panicker Radhakrishnan who clarified: ”In continuation of our order dated 15.04.2011, we make it clear that the order of the CBDT will not be given effect to for a period of two weeks from the date of passing of the order. It shall be open to the petitioner to move the appropriate court against the order passed by the CBDT.”
Satyam’s application was made to ensure that the CBDT does not invoke the bank guarantees immediately after pronouncing the order (which is expected on 10 July).
”This will give us time to make an appeal,” said Satyam’s counsel, Gauri Rasgotra of Khaitan & Co.
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First Published: Thu, Jul 07 2011. 01 39 PM IST
More Topics: SC | Supreme Court | Satyam | Tax | CBDT |