News > Xiaomi: India court quashes tax dept's $448 million block on Xiaomi's deposits

Xiaomi: India court quashes tax dept's $448 million block on Xiaomi's deposits

16/12/2022 10:37 PM | Click to read full article

An Indian court has quashed the IT department's block on Xiaomi Corp's fixed deposits worth Rs 37bn ($447.65 mn). 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.

-