Income

Hero MotoCorp income tax claims made over Rs 1,000 crore in ‘false spending’

The development comes after the government carried out raids and raids on March 23 at Delhi-NCR facilities belonging to Hero MotoCorp and its chief executive Pawan Munjal, along with other key company executives.

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New Delhi, First published Mar 29, 2022, 4:51 p.m. IST

Two-wheeler company Hero MotoCorp has incurred more than Rs 1,000 crore in false charges and committed several offenses totaling Rs 100 crore in dealings for a farm, according to the Income Tax (IT) department. in Delhi.

The development comes after the government carried out raids and raids on March 23 at Delhi-NCR facilities belonging to Hero MotoCorp and its chief executive Pawan Munjal, along with other key company executives.

During previous inspections, the IT department collected inculpatory evidence in the form of paper documents and digital data, according to news agency ANI. According to the evidence gathered, the two-wheeler manufacturer recorded fake transactions, made large unexplained cash outlays and acquired accommodation entries totaling Rs 1,000 crore.

According to ANI entries, the IT department also uncovered evidence of cash transactions totaling over Rs 100 crore during the acquisition of a farm on the outskirts of Delhi. Munjal acquired a farm in Chhattarpur where the market price was changed to minimize taxes and used black money to pay Rs 100 crore in cash as per Section 269 SS of the IT Act.

Read also | The Income Tax Department conducts searches at several Hero Motocorp premises

In a later statement, the company said: “On Wednesday, officials from the Income Tax Department visited two of our offices in Delhi and Gurugram, as well as the home of our Chief Executive Officer, Dr. Pawan Munjal We have been told this is a standard survey which is common at the end of the financial year.”

“Hero MotoCorp is an ethical and law-abiding company that upholds the highest standards of excellent corporate governance. In keeping with this concept, we offer authorities our full assistance,” the statement continued.

Read also | Hero MotoCorp unveils ‘Vida’ as its brand for electric vehicles

Last updated Mar 29, 2022 4:51 PM IST

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