Polaris gets Rs 18cr tax notice

Polaris Software has been served notice by income tax authorities for payment of Rs 18.03 crore as additional taxes under the Income Tax Act, 1961 for financial years 2000-2001 and 2001-2002.

According to a release issued by Polaris to the BSE today, the claim is  primarily on account of denial of certain deductions under Section 10A for the software profits the company earned out of its STPI registered units.

"The company maintains that the demands  are not sustainable, and has decided to file an appeal before commissioner (appeals) - the first appellate authority," the release added.