Cognizant liable to pay dividend distribution tax on buyback of shares worth Rs 19,000 crore: ITAT

Cognizant liable to pay dividend distribution tax on buyback of shares worth Rs 19,000 crore: ITAT Cognizant Technology Solutions in the assessment year 2017-18 purchased 94,00,534 equity shares of face value Rs 10 from its shareholders based in the US and Mauritius at Rs 20,297 apiece for a total consideration of Rs 19,080.26 crore in accordance with a scheme approved by the Madras High Court.

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