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Hero MotoCorp, a outstanding participant within the two-wheeler business, has been served tax demand notices totaling round Rs 605 crore, inclusive of curiosity, spanning Evaluation Yr (AY) 2013-14 to AY 2017-18 and FY19-20 by the revenue tax division. About Rs 308.65 crore in tax notices, coupled with curiosity, amounting to Rs 296.22 crore, have been levied on the corporate primarily based in New Delhi over six evaluation years. Hero MotoCorp disclosed this data to the inventory alternate on April 4.
The notices pertain to sure disallowances through the specified evaluation durations. The corporate intends to problem these orders by submitting appeals with the appellate authorities and submitting rectification functions.
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Based on Hero MotoCorp’s assertion, the administration views the raised demand as unsustainable and unlikely to considerably affect the corporate’s funds, operations, or different actions. “Within the opinion of the administration, the demand raised is unsustainable in nature, and is unlikely to have materials affect on financials, operations or different actions of the corporate,” the two-wheeler main said.
These evaluation orders and demand notices have been obtained on April 3 for six evaluation years. Furthermore, the corporate has been underneath scrutiny by the Revenue Tax division since June 2023 for particular transactions.
Moreover, a Ministry of Company Affairs (MCA) investigation had been initiated towards Hero MotoCorp. Notably, in March 2022, the revenue tax division performed raids on premises related to the corporate as a part of an alleged tax evasion probe.
On April 4, Hero MotoCorp shares ended buying and selling 0.66 per cent decrease at Rs 4,526.40 apiece on the BSE.
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