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The smartphone maker is accused of making illegal remittance to foreign entities.
The IT Department had passed the order on grounds that the Chinese firm was remitting income abroad in the guise of paying royalty to avoid paying tax in India.
India's financial crime-fighting agency, the Enforcement Directorate, has been investigating Xiaomi since February.
The Enforcement Directorate issued a statement saying Xiaomi's allegations were 'untrue and baseless' and company executives had deposed 'voluntarily in the most conducive environment'.
The action has been taken against Xiaomi Technology India Private Limited. The company (also called Xiaomi India) is a trader and distributor of mobile phones in the country under the brand name of MI.
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