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IT Department To Slap Fresh Demand Notices On Nokia Oyj-Business Standard


Friday, 4 Oct 2013 05:32am EDT 

Business Standard reported that Nokia Oyj, whose immovable assets were attached in an alleged tax evasion case recently, the Income Tax department is set to issue fresh demand notices for payment of taxes to the tune of INR1 billion. The department, according to sources, has also "prioritised" the tax demand notices on the firm pertaining to assessment years of 2011-12 and 2012-13 so that the "interest of the revenue" is not jeopardised against the backdrop of the current tax litigation with the Company and the proposed acquisition of the mobile-phone maker by US giant Microsoft. Sources privy to the tax case of Nokia said the firm's assets were frozen not only for the purpose of obtaining revenue with regard to the earlier demand of INR2.080 billion, but also in connection with the forthcoming demand notices, which could be issued "as soon as assessment proceedings finish within 2013." 

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22 Dec 2014