Nokia’ appeals over income tax demand of $370 million rejected

Telecom Lead Asia: Indian Income Tax authorities have dismissed phone major Nokia’s appeals over an income tax demand of $370 million.

This will be a major setback for Nokia’s efforts to resolve the dispute in a crucial market.

Nokia’s India unit was served in March with the tax demand for five years starting from 2006-2007.

The Finnish phone company said on Friday that it will examine all options, including taking the case back to the Delhi High Court.