Taxmen snoop on Reebok India accounts | business | Hindustan Times
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Taxmen snoop on Reebok India accounts

business Updated: May 06, 2012 20:39 IST

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The Income Tax department has begun scrutiny of financial documents and transactions of global sportswear manufacturer Reebok after its owner Adidas recently announced commercial irregularities in its India operations.

The I-T department has collected documents related to sales and purchase made by the firm during the last fiscal year and few others, including trade receipts processed by the company.

"Certain government/regulatory bodies were seeking clarifications about Reebok India Company in regards to the announcement made on Monday (May 2). We have shared the required details with them," the Adidas group said in a statement.

The I-T authorities, who visited the corporate office of the firm in Gurgaon a few days back to obtain certain documents, are also scrutinising TDS (tax deducted at source) payments made by the company, sources said.

On May 2, German sportswear maker Adidas said that it found some commercial irregularities in Reebok India, without giving details.

Adidas is also in the process of restructuring Reebok India's business, as a part of which, the group might shut down one-third of its 900 Reebok stores in India.