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Nokia welcomes HC stay on I-T tax notice

Source : BUSINESS_STANDARD
Last Updated: Thu, Apr 18, 2013 06:09 hrs
I-T dept slaps Rs 2,000 cr notice to Nokia

Nokia India on Wednesday hailed the high court's decision to grant a stay on the Rs 2,000-crore demand by the income tax authorities till the commissioner of income tax (appeals) disposes the case.

"We have enjoyed a long and fruitful relationship with India, and look to a prompt and just resolution to this matter," a spokesperson said.

Earlier in the day, the high court directed Nokia to take their appeal to the commissioner of income-tax.

The alleged tax evasion pertains to royalty payment made against the supply of software by the company's parent company which attracts a 10 per cent tax deduction under the Tax Deducted at Source category.

The Indian subsidiary of the Finnish mobile phone maker, on March 21, was served with the notice asking it to pay Rs 2,058 crore for alleged evasion of taxes in its business transactions in the country.

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