Tuesday, October 15, 2013

I-T Dept freezes Nokia's immovable assets

Nokia India's assets have been frozen by the Tax Department even as the handset maker is in the process of completing its $7.2-billion deal with Microsoft. The Indian tax authorities froze Nokia's
mobile phone manufacturing plant in Chennai, certain other buildings and bank accounts last week.
Following the Tax Department's action, Nokia moved the Delhi High Court which lifted the sanction on the company's bank accounts, but its immovable assets remain frozen. The move has been taken by the Tax Department after the handset maker disputed a Rs 4,000-crore tax notice. The Department sought to ensure that the company had sufficient funds to pay the amount before assets are sold to Microsoft.

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