News Updates

Nokia India approaches Supreme Court in tax row case

Live Law News Network
14 Feb 2014 5:34 AM GMT
Nokia India approaches Supreme Court in tax row case
Your free access to Live Law has expired
To read the article, get a premium account.
    Your Subscription Supports Independent Journalism
Subscription starts from
(For 6 Months)
Premium account gives you:
  • Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.
  • Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.
Already a subscriber?

As per reports, Nokia India the Indian arm of the Finnish handset maker has moved the Supreme Court challenging the February 5 order of the Delhi High Court, which asked the company to give an undertaking to fulfill the conditions relating to payment of tax dues and asked to abide by the order of December 12 last year. The High Court had paved the way for their sale to Microsoft, while de-freezing the assets of the Finnish firm in India, including in Chennai.

Certain conditions were imposed by the court, on Nokia India and its parent firm Nokia Corporation Finland, which had pleaded before the High Court for a direction to the Income Tax department for lifting of the stay on transfer of assets, including the Chennai manufacturing plant, in view of its $7.2 billion global deal with Microsoft. The High Court had also directed Nokia to deposit a minimum of Rs 2,250 crore in an escrow account.

The High Court had said that Nokia Finland would be obliged by the statement that they shall be jointly liable and shall pay tax demand determined and payable under Section 201/201(1A), interest and penalty thereon. Nokia Finland shall be liable to pay taxes including penalty and interest due and payable by them as determined under the Income Tax Act.

Next Story
Share it