Hero MotoCorp made bogus expenses of over Rs 1,000 crore, alleges I-T Dept: sources
The I-T Dept conducted search operations at Hero MotoCorp premises for four days -- from March 23 to March 26. It covered more than 40 locations including Chairman and CEO Pawan Munjal's residence.
The Income Tax (I-T) Department has alleged that multinational motorcycle company Hero MotoCorp Ltd made bogus expenses of more than Rs 1,000 crore, sources told CNBC-TV18.
The allegations, as cited by the sources, come after the I-T Department conducted searches at multiple premises of the company.
The investigation, however, is still in progress, said the sources, who did not want to be named.
Hero MotoCorp has issued a clarification denying the reports and termed them "speculative".
"Allegations not borne out of any document served on us or our internal documents," it said, adding, "We will inform Exchanges once I-T Dept concludes its findings."
The I-T Dept conducted search operations at Hero MotoCorp premises for four days -- from March 23 to March 26. It covered more than 40 locations including Chairman and CEO Pawan Munjal's residence.
Sources had earlier told CNBC-TV18 that these searches were part of a tax evasion investigation against the country's largest two-wheeler automobiles manufacturer.
As part of the searches, a team of officials of the department was looking at financial documents and other business transactions of the company and its promoters.
Hero MotoCorp emerged as the world's largest two-wheeler manufacturer in 2001, in terms of units sold in a calendar year. It has since managed to maintain the title.
The company has so far sold over 100 million units across domestic and international markets and has a strong presence across 40 countries.
First Published: Mar 29, 2022 3:20 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Supreme Court says it may consider interim bail for Arvind Kejriwal due to ongoing Lok Sabha polls
May 3, 2024 4:57 PM
10% discount on fare on Mumbai Metro lines 2 and 7A on May 20
May 3, 2024 2:40 PM