New Delhi: Mahindra Satyam on Sunday said the
government should not assess the income tax liability of the
IT firm before the restatement of financial accounts is
completed.
Reacting to a government statement which says that Satyam
Computer, which is now rebranded Mahindra Satyam, owes Rs 532
crore to the income tax department, a Mahindra Satyam official
said, "Our accounts are still being restated and the
assessment must be subject to the final outcome and any tax
liability calculated based on the previous financial may not
be accurate."
The person added that "the parallel process of the
investigation by the regulatory authorities and the ongoing
forensic auditing, once completed will provide the true
picture on the financial performance and related amounts
payable if any, to the authorities."
KPMG and Deloittee were mandated to restate financial
accounts after Satyam's disgraced founder B Ramalinga Raju
confessed to fudging the books in January this year. The
restatement of accounts of Mahindra Satyam is expected to be
completed by December, 2009.
Bureau Report
First Published: Sunday, August 09, 2009, 21:05