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News INCOME TAX

  • Sep 15, 2023
  • ITAT upholds Rs 3,300 crore tax demand on Cognizant

    In the long-drawn tax dispute with Cognizant Technology Solutions India Pvt Ltd, the Chennai Income Tax Appellate Tribunal (ITAT) has upheld that the company is liable to pay dividend distribution tax (DDT) on buyback of shares made in the assessment year 2017-18.

    The order implies that the company may have to fork out around Rs 2,800 crore out of the total tax demand of around Rs 3,300 crore as it had deposited 15% of the tax demanded when the matter was being heard in the Chennai High Court.