The second largest passenger car maker in the country and the largest exporter Hyundai Motor India Ltd (HMIL) has reportedly received a show cause notice from the Directorate of Revenue Intelligence, according to a report in Business Standard.
The report states that the Directorate has issued the notice for suspected tax evasion by HMIL to the tune of Rs 260 crore duty. It was reported that HMIL officials have confirmed receipt of the notice, but denied the charges. The report quoted a senior official from the Directorate as saying “We have found they (HMIL) evaded Rs 266 crore duty on import of automobile components over the last five years from July 2005 to July 2010”. He added they (HMIL) have to reply to the Commissioner of Seaports Chennai, according to the report.Vcommindia News
No comments:
Post a Comment