Huawei

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.

"The culpable mental state of the accused persons is to be presumed," stated Additional Chief Metropolitan Magistrate Anurag Thakur in a recent order, stating that there is sufficient material on record to summon the accused persons under 275-B and section 278-B of the Income Tax Act, 1961 (Deals punishment for failure in facilitating an authorized officer to inspect the books of account or other documents).

Despite a revenue decline in 2021, "our ability to make a profit and generate cash flows is increasing, and we are more capable of dealing with uncertainty", said Meng Wanzhou, Huawei's CFO. The company said it is "readjusting" its business portfolio to tap new digital and 5G opportunities. Its 2021 revenue came in at $100.01 billion, down from nearly $140 billion in 2020.

“…relevant Indian authorities have taken a series of measures to suppress Chinese companies and their products in India, which have seriously damaged the legitimate rights and interests of Chinese companies… China expressed serious concern about this,” Commerce Ministry spokesperson Gao Feng said. He also expressed concerns about the investment regime in India.

Raids are being conducted at multiple premises linked to Chinese telecom company Huawei across the country in connection with alleged tax evasion. A source said that the Income Tax department on Tuesday started the search operation which is still going on. The source said that the raids were being conducted in National Capital Region (NCR), Bengaluru and some other parts of the country.

"Overall performance was in line with expectations. While our B2C business has been significantly impacted, our B2B businesses remain stable," Xinhua news agency quoted Guo Ping, Huawei's rotating Chairman as saying. The smartphone maker also announced that more than 150 million devices are now on 'HarmonyOS', making it the fastest-growing OS in history.