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After Infosys, iGate faces tax claims worth Rs 738 crore

The US-based outsourcing firm has an unsettled tax demand of $132.7 million (about Rs 738 crore) for assessment years 2004-05 to 2009-10.

BT Online Bureau | May 27, 2013 | Updated 11:40 IST

After Infosys, iGate is the latest to face tax issues in India with the US-based outsourcing firm having an unsettled tax demand of $132.7 million (about Rs 738 crore) for assessment years 2004-05 to 2009-10.

iGate, which was in news for sacking its chief executive Phaneesh Murthy over non-disclosure of his alleged affair with a subordinate, said these demands are not tenable and the Nasdaq-listed firm has approached the requisite appellate authorities.

As of March 31, 2013, the company has open tax demands of $132.7 million for relevant assessment years 2004-05, 2005-06, 2006-07, 2007-08, 2008-09 and 2009-10, the firm said in a filing Securities and Exchange Commission (SEC).

With inputs from PTI

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