Car maker Hyundai denies tax evasion

Rasiajo

Editor

posted on 13 years ago — updated on 1 second ago

27
views

CHENNAI: The Directorate of Revenue Intelligence on Friday sent a show cause notice to car maker Hyundai Motor India Limited for a..

CHENNAI: The Directorate of Revenue Intelligence on Friday sent a show cause notice to car maker Hyundai Motor India Limited for allegedly evading tax of over Rs266 crores between 2005 and 2010, a top DRI official said.
The official said that information was received about them importing components for manufacturing cars through air cargo and the Chennai port and the components carried different prices in the packages. DRI officials claimed that while verifying the import documents, they found that the company had evaded paying tax from 2005 to 2010. "They were importing numerous components and we found that same components carried different prices in different packages," C Rajan, Additional Director General, DRI told Express.They issued a notice to the company notifying that they have allegedly evaded tax of Rs 266.73 crore. "Normally one month would be given to respond to the notice. The notice issued to them is in lieu of the Commissioner of Customs, Port," the Additional Director General said.

Hyundai Motor India issued a statement where it said, "Hyundai Motor India Ltd denies the claims of tax evasion. All of Hyundai's transactions are on transaction value and there is no instance of tax evasion by the company. The company will seek legal recourse in the appropriate forum."