Income Tax Department raids Lenovo for alleged Tax Evasion:

Income Tax Department raids Lenovo for alleged Tax Evasion The Income Tax Department has raided the premises of Information Technology Hardware maker Lenovo as part of Tax Evasion Investigation against the company and some of its associates. The raid has taken place at various locations like Gurugram and Bengaluru, where are the company's premises. Lenovo holds a 24% share of the global personal computer market. In the financial year 2022-2023, the company generated USD 1.9 billion in revenue in India, accounting for 17% of the market. According to sources, the taxman suspects tax evasion and has launched investigations to gather evidence and corroborate actionable intelligence obtained in this regard. Lenovo, which confirmed the raid, stated that it was "cooperating with the authorities and will provide all necessary support." "We adhere strictly to all applicable laws, regulations, and reporting requirements in every jurisdiction in which we do business," said the statement.