HC orders Cognizant to pay â¹420 crore in tax dispute case
The Madras High Court has asked Cognizant Technology Solutions to deposit â¹420 crore or 15% of the â¹2,800 crore demanded by the Income Tax Department, and ordered unfreezing of one bank account to facilitate the payment. The department had frozen 68 bank accounts, claiming Cognizant had not paid â¹2,800 crore in Dividend Distribution Tax towards share buyback from overseas shareholders.