DRI slaps showcause notice to Hyundai on alleged tax evasion

The Directorate of Revenue Intelligence on Friday issued a showcause notice to Hyundai Motor India Ltd for allegedly evading tax to the tune of Rs 266 crore in the last five years, a top DRI official said.

"We have issued a showcause 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.

Hyundai Motor India, which is the second largest automaker, had been given a month's time to respond, failing which further action was likely to be taken, he said.

Company officials were not available for comments.