Samsung India Electronics receives show cause notice from DRI: Report
By MYBRANDBOOK
According to a media report, the Directorate of Revenue Intelligence (DRI) has issued a show cause notice to Samsung India Electronics (SIEL) and accused the local unit of South Korea's Samsung Electronics of evading import taxes worth ₹1,728.47 crore by misclassifying a product. The agency has also asked for a clarification why it should not recover the money as duty along with the interest. The notice was issued by Nhava Sheva Customs, early this week.
The agency has also asked for an explanation on why a penalty should not be imposed on senior management of the company.
Apart from the SIEL, DRI, in its notice, has also issued notice to PricewaterhouseCoopers (PwC) and an associate director who was questioned during the probe, as per the report.
The report also revealed that the notice by the agency has also asked why the department should not adjust ₹300 crore deposited by SIEL towards payment of differential duty.
The report further states that both the SIEL and PwC have been given 30 days to reply to the notice.
In its notice, DRI mentioned that SIEL has classified networking devices as remote radio heads to avail undue exemption of basic customs duty, as per the report.
The agency sent Samsung India and PricewaterhouseCoopers (PwC), which was hired to classify the network equipment, a show cause notice, the report said.
TAC Security becomes Cyber Security Assessor for the App Defen
The cybersecurity company, TAC Security has been selected as a key Cyber ...
InterGlobe’s Rahul Bhatia and C.P. Gurnani together announce
In a move that is set to transform the AI landscape, Rahul Bhatia, Group M...
Download masked Aadhaar to improve privacy
Download a masked Aadhaar from UIDAI to improve privacy. Select masking w...
Sterlite Technologies' Rs 145 crore claim against BSNL rejecte
An arbitrator has rejected broadband technology company Sterlite Technolog...
TAC SECURITY SOLUTIONS
INFOSYS TECHNOLOGIES PVT. LTD.
VVDN TECHNOLOGIES
TEJAS NETWORKS INDIA PVT. LTD.
Technology Icons Of India 2023: Roshni Nadar Malhotra
Roshni Nadar Malhotra is an Indian billionaire businesswoman and the c...
Technology Icons Of India 2023: Sachin Bansal
Sachin Bansal’s fintech startup, Navi Technologies, simplifies loan ...
Technology Icons Of India 2023: Hari Om Rai
Hari Om Rai is the Co-founder, Chairman & Managing Director of Lava In...
DRDO is India's largest and most diverse research organisation
DRDO is the R&D wing of Ministry of Defence, Govt of India, with a vis...
CSCs enabling rural India digitally empowered
Common service centres (CSCs) are digital access points under the Digi...
GSTN aims to integrate indirect tax ecosystem on a shared IT infrastructure
Goods and Services Tax Network (GSTN) has built Indirect Taxation plat...
FORTUNE MARKETING PVT. LTD.
Delhi based Fortune Marketing, An ISO 9001:2008 company, distributes ...
EXCLUSIVE NETWORKS SALES INDIA PVT. LTD.
Exclusive Networks is a globally trusted cybersecurity specialist hel...
SATCOM INFOTECH PVT. LTD.
Satcom Infotech Pvt. Ltd is a distribution houses in security in India...