• Fri. Mar 1st, 2024

IT department looks into Lenovo as part of a tax evasion investigation

ByNishat Manzar

Sep 28, 2023

With a 17% market share, the corporation generated USD 1.9 billion in sales in India during the fiscal year 2022–2023.

As part of an investigation into tax evasion involving Lenovo and several of its affiliates, the income-tax department searched Lenovo’s offices on Wednesday, according to government sources.

They said that the company’s locations in Bengaluru, the capital of Karnataka, and Gurugram, Haryana, were both the subject of the searches. With a 24% market share, Lenovo dominates the personal computer (PC) industry worldwide. With a 17% market share, the corporation generated USD 1.9 billion in sales in India during the fiscal year 2022–2023.

According to the sources, the taxman is looking for proof to support actionable information it has already acquired in this area since it suspects tax evasion.