Huawei transferred Rs 750 crore abroad to its parent firms, claim I-T Department sources

NEW DELHI: Chinese technology company Huawei has been accused by the Income Tax Department of transferring Rs 750 crore to its foreign-based parent firms, sources in the department have said.

The I-T had in February accused the firm of huge tax evasion and frozen its bank accounts.

The I-T department has reportedly found discrepancies in its income tax declaration.

"The I-T declaration of the last two years has discrepancies. The revenue of the company was decreasing, but we have found that even in this crisis they repatriated Rs 750 crore abroad," the I-T sources claimed.

Huawei had said that they were following all the norms and law of the land.

The compnay had also said that due to the action of I-T department, they suffered huge losses and it badly affected their business.

Huawei had moved the Delhi High Court seeking relief. The court in April stayed the attachment of the accounts of the firm. Huawei had also mentioned in its petition that the I-T department didn't give them any notice and took action which affected their business.

The I-T department has said that they have recovered incriminating evidence against the firm and on the basis of these documents they took the action.

The department had also alleged that the firm was hiding its account books. It said that the firm had given them dump transactions which were not account books and so, they were unable to identify the veracity of their income.

The I-T officials also wanted to access the email of Yang Yi, the Chief Financial Official of the firm, but the request was denied by the company.