[ By Bobby Anthony ]Income Tax officials have carried out a surprise search operation at one of the four Gurugram offices belonging to Oyo Hotels & Homes.However, an Oyo spokesperson claimed that the operation was merely a “routine” Tax Deduction at Source (TDS) “survey” in progress.“We are co-operating with the authorities, and are committed to engaging with all...
Income Tax officials have carried out a surprise search operation at one of the four Gurugram offices belonging to Oyo Hotels & Homes.
However, an Oyo spokesperson claimed that the operation was merely a “routine” Tax Deduction at Source (TDS) “survey” in progress.
“We are co-operating with the authorities, and are committed to engaging with all relevant stakeholders,” the Oyo spokesperson stated.
Incidentally, the development has come at a time when Oyo’s major shareholder SoftBank faces renewed investor scrutiny after being forced to bail out one of its best known portfolio companies, the cash-burning, office-sharing firm WeWork, for about USD 10 billion in 2019.
Oyo has also faced backlash from some hotel owners in India who have charged the company of being blindsided by it by hidden fees.