The Income Tax Official in India has charged Chinese technology corporation Huawei with moving Rs 750 crore to its foreign-based parent businesses, according to department sources. The I-T had seized the company’s bank accounts in February after accusing it of massive tax fraud. According to reports, the I-T department discovered inconsistencies in its income tax declaration.
‘There are inconsistencies in the last two years’ I-T statement. The company’s income was declining, but we discovered that even during the crisis, they repatriated Rs 750 crore from abroad ‘, IT sources stated. Huawei stated that it adhered to all local standards and legislation. The company also stated that they experienced significant losses as a result of the I-T department’s actions, which negatively impacted their business.
Huawei has petitioned the Delhi High Court for relief. The attachment of the firm’s finances was halted by the court in April. Huawei also stated in its appeal that the I-T department launched action against them without giving them any warning. According to the I-T department, they uncovered damning evidence against the corporation and initiated action based on these records.
The government also claimed that the corporation was concealing its financial records. It stated that the business had handed them dump transactions that did not have account books, and they were unable to determine the truth of their income. The I-T officials also asked to examine Yang Yi’s email, the firm’s Chief Financial Officer, but the request was refused by the corporation.