Tuesday, December 14, 2004

HCL Corp asked to pay Rs. 100 crores by Income Tax department, slapped a fine of Rs.805 crores ...

The Income-Tax Appellate Tribunal has asked HCL Corporation to pay Rs. 100 crores in the next three months and thereafter Rs. 15 crore every month. This would be pending the final outcome of the case of alleged evasion of tax on which a Rs. 805-crore demand has been made on the company.

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The company said in a statement: "HCL Corporation is the holding company of HCL Technologies and HCL Info System. By way of clarification this dispute is completely unrelated to HCL Infosystems Limited or HCL Technologies Limited. This has no impact on the investors and shareholders, Board of Directors or employees of HCL Technologies or HCL Infosystems."

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Read the complete story here.

Courtesy : The Hindu

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Get more details on the allegations here.

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The tax department found that HCL Technologies had intentionally manipulated its share price to take advantage of the zero capital gains tax regime prevailing in Mauritius. It claimed that the value of the shares was Rs 1,807 as against the price of Rs 50 a share at which they were sold to Wintech Investments P Ltd, a Mauritius-based company, in June 1999.

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Courtesy : Financial Express

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