India News | I-T Dept Searches Lenovo as Part of Tax Evasion Probe
Get latest articles and stories on India at LatestLY. The income-tax department conducted searches at the premises of IT hardware maker Lenovo on Wednesday as part of a tax evasion probe against the company and some of its affiliates, official sources said.
New Delhi, Sep 27 (PTI) The income-tax department conducted searches at the premises of IT hardware maker Lenovo on Wednesday as part of a tax evasion probe against the company and some of its affiliates, official sources said.
The raids covered the company's premises in Gurugram in Haryana and Karnataka's capital city Bengaluru, they said.
Also Read | Centre Notifies Appointment of 11 Permanent Judges in Punjab and Haryana High Court.
Lenovo leads the global personal computer (PC) market with a 24 per cent share.
The company clocked USD 1.9 billion in revenue in India in the 2022-2023 financial year, with a 17 per cent market share in the country.
The sources said the taxman suspects tax evasion and hence, has launched the searches to gather evidence and corroborate actionable intelligence obtained by it in this regard.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)