Rs. 19000 Cr Buyback Dividend Distribution Income Tax Notice against Cognizant Technology: Madras HC stays Rs. 9403.09 Cr Demand [Read Order]

In a major relief to Cognizant, Madras HC has stayed a part of the Income Tax Demand raised on distribution of buyback dividend.
Buyback Dividend Distribution - Dividend - Income Tax Notice - Income Tax - Cognizant Technology - TAXSCAN

The Madras High Court has temporarily stayed the tax demand of Rs. 9,403.09 crore associated with the Cognizant Technology’s Rs. 19,000 crore buyback dividend distribution tax dispute. Justices R. Mahadevan and Mohammed Shaffiq, presiding over the case, directed Cognizant Technology to remit Rs. 1,500 crores in cash or via a bank letter and provide property…

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