Cooperating with authorities, says Lenovo on Income Tax searches
The department conducted searches at Lenovos Gurugram and Bengaluru premises on Wednesday as part of a tax evasion probe against the company and some of its affiliates.
Chinese PC maker Lenovo on Thursday said it is cooperating with authorities and promised all support in the matter of searches carried out by Income Tax Department at its premises.
The department conducted searches at Lenovo's Gurugram and Bengaluru premises on Wednesday as part of a tax evasion probe against the company and some of its affiliates.
“As responsible corporate citizens, we adhere strictly to all applicable laws, regulations, and reporting requirements in every jurisdiction in which we do business. We are cooperating with the authorities and will provide all possible support required," a Lenovo spokesperson said.
The company clocked USD 1.9 billion revenue in India in 2022-23, with 17 per cent market share in the country.
According to sources, the department suspected tax evasion and hence, launched the searches to gather evidence and corroborate actionable intelligence obtained by it in this regard.
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