Can Satyam claim a refund of taxes already paid

Today, the fraud at Satyam Computer Services is one of the hottest topics around. There are so many questions relating to various taxation issues that are constantly cropping up.

One of the common questions going through everyone's mind is: Can Satyam claim a refund of taxes already paid on its inflated income for all the earlier years?

In fact, such a situation could even arise in case an individual has inflated his income and paid taxes. Now that he has been caught or admitted to the fraud - can he claim refund of the already-paid taxes?

I want your opinion frns !!!

Replies (3)

First of all restructure all the years Blance Sheet & arrive the actual Profit & its Tax liability also.

If a benefit has to be extended it has to be extended to  one and all since its a public money.

If tax has been arrived as 'excess paid' let the govt treat it as advance tax  or distribute to the each beneficiary.

on the outset if Satyam wants to take a shleter in one end but it fails in another angle with all malprctices.

Dear Frnd

As per my view is concerned, satyam had paid income tax on income based on books of accounts and books of account was absolutely wrong.

On the basis of Case law SBI v. CIT(1986) 157 ITR 67 (SC) the entries in books of account of are not conclusive.

If revenue can disallowed expenses on the basis of above case they should also disallowed income and refund the same amount which the co. had paid on the same.

Thanks

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