Oil Prices Slip as U.S.-Iran Talks Ease Middle East Tensions 
Meta Faces Lawsuit Over Alleged Approval of AI Chatbots Allowing Sexual Interactions With Minors 
U.S. Condemns South Africa’s Expulsion of Israeli Diplomat Amid Rising Diplomatic Tensions 
Trump Administration Sued Over Suspension of Critical Hudson River Tunnel Funding 
Asian Currencies Stay Rangebound as Yen Firms on Intervention Talk 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Gold and Silver Prices Climb in Asian Trade as Markets Eye Key U.S. Economic Data 
Minnesota Judge Rejects Bid to Halt Trump Immigration Enforcement in Minneapolis 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
Ghislaine Maxwell to Invoke Fifth Amendment at House Oversight Committee Deposition 
Trump Family Files $10 Billion Lawsuit Over IRS Tax Disclosure 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength 
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran 
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out 
Yen Slides as Japan Election Boosts Fiscal Stimulus Expectations 
ByteDance has been accused of tax evasion by India, and the case is ongoing. In the latest development, it was reported that an Indian court ordered ByteDance to make an $11 million deposit for the suit.
Allegation against ByteDance
As per Reuters, the amount being asked from the Chinese internet company is said to be what the authorities think it owes for taxes. India recently blocked ByteDance’s bank accounts as the company was suspected of committing tax evasion.
Last month, the authorities in India asked Citibank and HSBC in Mumbai, where ByteDance has accounts, to freeze them while the investigation for the company’s financial dealings is being checked.
The Chinese company asked the court to cancel the order as blocking its bank accounts will only harm its business operations. Moreover, it cannot pay its workers and settle other obligations since its funds are being put on hold.
ByteDance, which is also the parent company of the popular video app TikTok, later said that India’s move to freeze its accounts was harassment. The Indian Express reported that the internet firm told an Indian court that the bank account freeze due to possible tax evasion offense amounts to harassment and pointed out that it was done illegally.
The money deposit
Meanwhile, Jitendra Mishra, a federal tax authority counsel, told Reuters that ByteDance could make use of the $10 million from its frozen funds to make the deposit that the court has ordered. However, the company is not allowed to use the money for any other purposes or activity.
This means that ByteDance’s bank accounts will remain blocked until the company moves the $11 million deposit to the state-run bank. However, the company said in a separate statement that the court already agreed that its accounts would be unblocked so it can continue with its business operations.
“We are prepared to take further steps required by the court and are confident in our position on this tax matter,” ByteDance said.
In any case, it is not clear how this case will proceed, but one thing is sure China is not happy with the allegations. In fact, it has criticized India for its move, including the banning of other Chinese apps aside from TikTok.
