I-T dept rejects Mah Satyam's plea for tax demand stay: Sources

The income tax department has rejected Mahindra Satyam's plea for stay of Rs 503 crore tax demand, reports CNBC-TV18 quoting government sources.

Sources said that the income tax department served tax demand on Mahindra Satyam in October last year. Demand for tax credit claims from 2003 to 2008.

Mahindra Satyam may seek legal remedy over the action taken by the income tax department as it has sought the stay. The company also said that it cannot comment on market speculation.

Last year, the income tax department has served a notice to Mahindra Satyam, demanding for an audit of its accounts for the assessment years 2002-03 and 2007-08 as the company was found guilty for illegally claiming tax credit on fictitious income during the 2003-04 to 2008-09 period.

Did you know that Mahindra Satyam has won contract from Aspire Zone Foundation, Qatar?