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Two-wheeler maker Hero MotoCorp has obtained tax demand discover from the Earnings Tax Division for INR 308.65 crore and curiosity thereon for INR 296.22 crore for six evaluation years, the corporate mentioned in a inventory trade submitting on Thursday.
The evaluation orders and demand notices are for six evaluation years together with FY14, FY15, FY16, FY17, FY18 and FY20. The discover is on account of sure disallowances within the talked about evaluation years.
The corporate will file appeals towards the orders with the appellate authorities in search of submitting of rectification functions.
“Within the opinion of the administration, the demand raised is unsustainable in nature, and is unlikely to have materials impression on financials, operations or different actions of the corporate,” it mentioned in a press launch.
Whole gross sales made by Hero MotoCorp rose 5.5% year-on-year in FY24 at 56.21 lakh items.
The corporate had offered 53,28,546 items in 2022-23, Hero MotoCorp mentioned in a press release.
Bike gross sales in FY24 stood at 51,90,672 items as towards 49,59,156 items in FY23. Scooter gross sales had been at 430,783 items in FY24 as in comparison with 369,390 items in FY23, the corporate mentioned.
Home gross sales in FY24 had been increased at 54,20,532 items as in comparison with 51,55,793 items in FY23, it added.
