Raids on Lenovo's Haryana and Karnataka offices in connection with a tax fraud investigation
The income-tax authorities searched Lenovo's offices in Gurugram and Bengaluru on Wednesday, fearing tax cheating, as the business dominates the worldwide PC market with a 24% share.
Ankush Pandey
0
240
According to official sources, the income-tax department conducted searches at the headquarters of IT gear maker Lenovo on Wednesday as part of a tax evasion investigation against the firm and certain of its affiliates.
The raids targeted the company's headquarters in Haryana's Gurugram and Karnataka's capital city, Bengaluru, they added.
Lenovo holds a 24% portion of the worldwide personal computer (PC) market.
In the fiscal year 2022-2023, the firm generated USD 1.9 billion in sales in India, accounting for 17% of the market.
According to reports, the IRS suspects tax evasion and has initiated searches to gather evidence and validate actionable intelligence gathered in this respect.
