India court quashes tax dept's $448 mln block on Xiaomi's deposits -sources

Reuters2022-12-16

By Aditya Kalra

NEW DELHI, Dec 16 (Reuters) - An Indian court has quashed the income tax department's block on China-based Xiaomi Corp's fixed deposits worth 37 billion rupees ($447.65 million), two people familiar with court proceedings said on Friday.

Xiaomi and the income tax department did not immediately respond to Reuters' requests for comment.

Further details of the Karnataka state court's decision announced on Friday were not immediately available.

Indian tax officials froze the funds in February as part of an investigation into alleged tax evasion.

The investigation concerned allegations that the Chinese company purchased smartphones from its contract manufacturers at inflated costs in India, allowing it to record a smaller profit by selling them to customers and evading corporate income taxes, Reuters reported in May.

The fund freeze by income tax authorities was on top of another legal tussle Xiaomi faces where it has challenged a block on $666 million of its funds by India's federal financial crime fighting agency for alleged illegal foreign remittances.

A court is yet to pronounce a decision on the case following Xiaomi's challenge. ($1 = 82.6530 Indian rupees)

(Reporting by Aditya Kalra in New Delhi; additional reporting by Arpan Chaturvedi; Writing by Chris Thomas; Editing by Anil D'Silva)

((chris.thomas@thomsonreuters.com; +91 80 6210 0487;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

2

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2291763075?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2022-12-16 22:24","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2291763075","market":"sh","top_or_hot":-1,"title":"India court quashes tax dept's $448 mln block on Xiaomi's deposits -sources","media":"Reuters","content":"<html><body><p>By Aditya Kalra</p><p>      NEW DELHI, Dec 16 (Reuters) - An Indian court has quashed the income tax department's block on China-based Xiaomi Corp's    fixed deposits worth 37 billion rupees ($447.65 million), two people familiar with court proceedings said on Friday.</p><p>   Xiaomi and the income tax department did not immediately respond to Reuters' requests for comment.</p><p>   Further details of the Karnataka state court's decision announced on Friday were not immediately available.</p><p>    Indian tax officials froze the funds in February as part of an investigation into alleged tax evasion.  </p><p>   The investigation concerned allegations that the Chinese company purchased smartphones from its contract manufacturers at inflated costs in India, allowing it to record a smaller profit by selling them to customers and evading corporate income taxes, Reuters reported in May.  </p><p>   The fund freeze by income tax authorities was on top of another legal tussle Xiaomi faces where it has challenged a block on $666 million of its funds by India's federal financial crime fighting agency for alleged illegal foreign remittances. </p><p>   A court is yet to pronounce a decision on the case following Xiaomi's challenge. ($1 = 82.6530 Indian rupees)</p><p>(Reporting by Aditya Kalra in New Delhi; additional reporting by Arpan Chaturvedi; Writing by Chris Thomas; Editing by Anil D'Silva)</p><p>((chris.thomas@thomsonreuters.com; +91 80 6210 0487;))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>India court quashes tax dept's $448 mln block on Xiaomi's deposits -sources</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIndia court quashes tax dept's $448 mln block on Xiaomi's deposits -sources\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-16 22:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>By Aditya Kalra      NEW DELHI, Dec 16 (Reuters) - An Indian court has quashed the income tax department's block on China-based Xiaomi Corp's    fixed deposits worth 37 billion rupees ($447.65 million...</p>\n\n<a href=\"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"01810","symbol_name":"小米集团-W","start_time":0,"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","article_id":"2291763075","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2291763075","pubTimestamp":1671200682,"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"By Aditya Kalra      NEW DELHI, Dec 16 (Reuters) - An Indian court has quashed the income tax depart","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"01810":"小米集团-W","BK1193":"电脑硬件、储存设备及电脑周边","BK1523":"武汉本地概念股","BK1502":"双十一","BK1575":"同股不同权","BK1506":"5G概念","BK1607":"新IT概念","BK1589":"北水核心资产","BK1521":"挪威政府全球养老基金持仓"},"translate_title":"印度法院撤销税务部门对小米存款的4.48亿美元冻结——来源","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01810":0.9},"content_text":"By Aditya Kalra      NEW DELHI, Dec 16 (Reuters) - An Indian court has quashed the income tax department's block on China-based Xiaomi Corp's    fixed deposits worth 37 billion rupees ($447.65 million), two people familiar with court proceedings said on Friday.   Xiaomi and the income tax department did not immediately respond to Reuters' requests for comment.   Further details of the Karnataka state court's decision announced on Friday were not immediately available.    Indian tax officials froze the funds in February as part of an investigation into alleged tax evasion.     The investigation concerned allegations that the Chinese company purchased smartphones from its contract manufacturers at inflated costs in India, allowing it to record a smaller profit by selling them to customers and evading corporate income taxes, Reuters reported in May.     The fund freeze by income tax authorities was on top of another legal tussle Xiaomi faces where it has challenged a block on $666 million of its funds by India's federal financial crime fighting agency for alleged illegal foreign remittances.    A court is yet to pronounce a decision on the case following Xiaomi's challenge. ($1 = 82.6530 Indian rupees)(Reporting by Aditya Kalra in New Delhi; additional reporting by Arpan Chaturvedi; Writing by Chris Thomas; Editing by Anil D'Silva)((chris.thomas@thomsonreuters.com; +91 80 6210 0487;))","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2291763075"}