â¹2,800 cr income tax demand not justified: Cognizant to HC
Cognizant Technology Solutions on Wednesday told the Madras High Court that the â¹2,800-crore tax demand by the Income Tax department was not justified. The department has alleged that the US-based IT firm had not paid Dividend Distribution Tax towards share buyback from overseas shareholders. The court had earlier asked Cognizant to deposit â¹420 crore or 15% of the amount demanded.