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I-T Conducts searches at 5 Premises of ZTE Corp

The income tax department conducted searches at five premises of Chinese telecom gear provider ZTE Corp unearthing alleged tax liability of hundreds of crores over the years. Unaccounted money and failure to deduct tax at source for several financial years. The Central Board of Direct Taxes (CBDT) said in a statement Tuesday that searches were conducted on Monday at five locations including the corporate office, residence of foreign director, residence of company secretary, accounts person and the cash handler of a foreign subsidiary company in India, without naming ZTE Corp. It said that the company was engaged in trading of telecom equipment and installation and servicing of these items for various telecom players in India. However, people familiar with the development, confirmed the search on the company. ZTE Corp did no comment to queries sent by ET as of press time Tuesday.   S-ET

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