Pyramid Saimira moves court on I-T dept

Chennai based film production and distribution company Pyramid Saimira (PSTL) moved the court on the income tax department on Friday, challenging its attachment of the company's bank accounts, last Friday. The I-T department had attached PSTL's bank accounts totaling more than Rs. 240 crore for alleged non-payment of complete self-assessment tax to the tune of Rs.26 crore, which the company denied. It also announced that it would move court on Monday. PSTL MD P Saminathan had said that the company had filed revised returns and had asked the department to release the accounts over the following two days. "Based on the department's decision and next course of action we would move court," he had said. He also said that it was unfair attaching accounts worth twelve times the alleged default. The accounts are said to hold bank loans worth Rs 70-80 crore, theater and distributor receipts worth Rs 23 crore and Rs 40 crore respectively, investments worth Rs 140 crore. When contacted, the Income Tax department said, in a written response, "Pyramid Saimira has filed a petition in the Madras High Court. The notice has been served on the Standing Counsel of Income Tax Department, who is in the process of filing the reply. The matter is now subjudice and no comments can be offered." The case is scheduled for hearing at the Madras High Court on Monday. – www.economictimes.indiatimes.com