‘I-T department set to slap fresh tax demand notices on Nokia’

The Income Tax department is set to issue fresh demand notices for payment of taxes to the tune of Rs 1,000 crore.

Written by Press Trust Of India | New Delhi | Published: October 5, 2013 4:12 am

In more trouble for Finnish mobile firm Nokia,whose immovable assets were attached in an alleged tax evasion case recently,the Income Tax department is set to issue fresh demand notices for payment of taxes to the tune of Rs 1,000 crore.

The department,according to sources,has also “prioritised” the tax demand notices on the firm pertaining to assessment years of 2011-12 and 2012-13 so that the “interest of the revenue” is not jeopardised against the backdrop of the current tax litigation with the company and the proposed acquisition of the mobile-phone maker by US giant Microsoft.

Sources privy to the tax case of Nokia said the firm’s assets were frozen not only for the purpose of obtaining revenue with regard to the earlier demand of Rs 2,080 crore,but also in connection with the forthcoming demand notices,which could be issued “as soon as assessment proceedings finish within 2013.”

When contacted by PTI,Nokia said it is unaware of any such forthcoming action. “Nokia’s longstanding policy is not to comment on market speculation,but we can say that we are unaware of any such claim from I-T authorities,” a statement from the spokesperson of the firm said.

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