The Madras high court ordered Nokia to deposit Rs 240 crore as a deposit against the tax department's claim of Rs 2,400 crore against the Finnish mobile phone maker. Its sales from a Chennai factory are subject to a tax demand, which it claims is without merit, and that it won't be able to make the deposit within eight weeks due to cash flow issues.
The high court has also asked the Tamil Nadu government to reconsider its demand in the meantime. Senior counsel Arvind P Datar and Luthra & Luthra partner Vikas Srivastav are representing Nokia. [Economic Times]
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www.legallyindia.com/201404034567/Litigation/luthra-collates-30-lakh-nokia-export-docs-to-get-rs-2-400-crore-tax-relief
Have updated the story with the fact that Vikas Srivastav is a Luthra partner.
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