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I-T department in no hurry to de-freeze Nokia’s fixed assets in India

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Nokia said it had appealed in the Delhi high court after the authorities had frozen its bank accounts and fixed assets. Reuters Nokia said it had appealed in the Delhi high court after the authorities had frozen its bank accounts and fixed assets. Reuters
SummaryNokia had appealed in the Delhi high court after its bank accounts and fixed assets were frozen.

The income tax department is in no hurry to de-freeze the fixed assets of Finnish phone maker Nokia, pending a over Rs 2,000 crore tax dispute with the government even as it has released the bank accounts of the company.

“We are not planning to de-freeze the assets. There are and can be future tax liabilities. It is a kind of preventive attachment which has been upheld by the court. We have released their liquid assets so that their day-to-day activities are not hampered,” a department spokesperson said.

The spokesperson added that the company has so far not approached the I-T department for de-freezing the fixed assets and it is regularly paying its tax liability in instalments.

Nokia said it had appealed in the Delhi high court after the authorities had frozen its bank accounts and fixed assets. The court had ordered release of some of the assets amid speculations that the planned sale of its handset business to Microsoft may be hit due to the freeze.

An official said the action was the result of department’s fear that the company may go ahead with the Microsoft deal even before the settlement of the tax dispute.

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