Polaris Software Lab Ltd on Friday became yet another software company in the country to be served a notice by the income tax authorities for payment of about Rs 18.03 crore (Rs 180.30 million) as additional taxes under the Income Tax Act, 1961 for the Financial Years 2000-2001 and 2001-2002.
The company in a notice to the Bombay Stock Exchange said that it had been served with a notice primarily on account of denial of certain deductions under Section 10A for the software profits it earns out of its Software Technology Parks of India registered units.
The company maintains that the demands are not sustainable and has decided to file an appeal before the Commissioner (Appeals), the first appellate authority.