Indian court orders tax department to freeze Cognizant bank accounts

Vastavam web: IT services company Cognizant Technology Solutions Corp (CTSH.O) said on Tuesday an Indian court had granted the company’s application to lift the Indian income tax department’s freeze on its bank accounts.The tax department had frozen the company’s bank accounts last month for allegedly evading a dividend distribution tax of more than 25 billion rupees ($385 million) following a share buyback, according to reports in the Indian media.

The company said the court further granted its request to address the tax department’s collection actions and scheduled a hearing later in April 2018.