Official sources said the I-T department suspects tax evasion by Lenovo and hence, has launched the searches to gather evidence and corroborate actionable intelligence obtained by it in this regard.
| Photo Credit: Reuters
The income-tax department conducted searches at the premises of IT hardware maker Lenovo on Wednesday (September 27)as part of a tax evasion probe against the company and some of its affiliates, official sources said.
The raids covered the company’s premises in Haryana’s Gurugram and Karnataka’s capital city Bengaluru, they said.
Lenovo leads the global personal computer (PC) market with a 24% share.
The company clocked $1.9 billion in revenue in India in the 2022-2023 financial year, with a 17% market share in the country.
The sources said the taxman suspects tax evasion and hence, has launched the searches to gather evidence and corroborate actionable intelligence obtained by it in this regard.