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India court quashes tax dept's $448 mln block on Xiaomi's deposits -sources

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An Indian court has quashed the income tax department's block on China-based Xiaomi Corp's fixed deposits worth 37 billion rupees ($447.65 million), two people familiar with court proceedings said on Friday.

A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. REUTERS/Francis Mascarenhas

NEW DELHI, Dec 16 - An Indian court has quashed the income tax department's block on China-based Xiaomi Corp'sXiaomi and the income tax department did not immediately respond to Reuters' requests for comment. Further details of the Karnataka state court's decision announced on Friday were not immediately available.

Indian tax officials froze the funds in February as part of an investigation into alleged tax evasion.

 

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