Karnataka HC sets aside I-T seizure order of Rs 3,700 crore against Xiaomi

In a major relief to Xiaomi Technology India Pvt Ltd, the Karnataka High Court has set aside Income Tax's seizure order of Rs 3,700 crore of the company's fixed deposits. Justice S R Krishna Kumar in his judgment on December 16 imposed three conditions for setting aside the August 11, 2022, order of seizure of the Deputy Commissioner of Income Tax. The first condition was that Xiaomi "shall not be entitled to make payments from the subject fixed deposits accounts in the form of royalty or in any other form to any companies / entities located outside India." Secondly, Xiaomi is "at liberty to take overdrafts from the subject fixed deposits accounts and make payments from such overdrafts to such companies / entities located outside India." And thirdly, the Income Tax Department was "directed to complete the draft assessment proceedings of the petitioner for the Assessment Years 2019-20, 2020-21 and 2021-22 on or before March 31, 2023." The IT Department had passed the order on groun

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