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| Pyramid Saimira files revised returns |
| T E Narasimhan / Chennai Mar 17, 2009, 00:23 IST |
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Chennai-based theatre chain Pyramid Saimira has said that it will wait for income tax department’s next course of action, which is expected in two days, based on which it will move the court. The theatre chain’s decision comes after its managing director met the I-T (Income Tax) department representatives today at Chennai.
The company had said that the I-T department’s attachment was not only holding back its investments; it was also not in a position to pay salaries to their employees.
 Last week, the theatre chain had said it would take the I-T department to Chennai High Court on Monday (March 16, 2009) against department’s decision to attach the company’s bank accounts for alleged non-payment of tax. Speaking to Business Standard after meeting the I-T officials today, P Saminathan, chairman and managing director, Pyramid Saimira, said that the company had filed revised returns and had asked the department to release the accounts over the next two days. “Based on the department’s decision and next course of action we would move court,” he said.
“We feel this attachment by the department is not in accordance with law and further their purported demand was for Rs 26 crore and for that they have attached the account which is holding back banks’ loan to the tune of Rs 70-80 crore, theater and distributor receipts to the tune of Rs 23 crore and Rs 40 crore respectively and Rs 140 crore of investments totalling around Rs 300 crore,” Saminathan said.
I-T department officials were not available for comment.
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