Saturday, 6 August 2011

Hyundai served notice on tax evasion




The Directorate of Revenue Intelligence on Friday issued a show cause notice to Hyundai Motor India for allegedly evading tax to the tune of Rs 266 crore in the last five years, a DRI official said. “We have issued a show cause notice to Hyundai for evading tax to the tune of Rs 266 crore between July 2005 and December 2010..,” DRI additional director general C Rajan said.

A statement issued by the company said: “Hyundai Motor India Ltd, denies the allegations 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”.

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