Hero MotoCorp denies false expenditure income tax report of Rs 1000 crore – The New Indian Express
Express press service
NEW DELHI: The Hero MotoCorp – Income Tax Department saga has taken a new turn. After the two-wheeler maker said last week that the March 23 computer search operation was a routine affair, a new media report said the ministry had discovered the company was making more than Rs 1,000. crore of false expenses and more than Rs 100 crore of cash transactions. for a farm in Chhattarpur, Delhi.
Hero MotoCorp, however, flatly denied the media report. “The allegations made in the press report are not supported by any documents served on us or our internal documents. Therefore, we categorically deny speculative press reports,” Hero MotoCorp said.
He added: ‘We would like to clarify that officials from the Income Tax Department visited our offices the previous week. The Company has provided all necessary support and cooperation, documents and data to the authorities and will continue to do so if necessary.
Hero also said that as the tax department concludes its findings and communicates, it will notify exchanges as appropriate. A news agency reported on Tuesday that a large number of prosecution evidence in the form of paper documents and digital data had been seized by the IT department during the search operations.
The report had a significant impact on Hero MotoCorp’s stock price. The stock fell more than 7% to close Tuesday’s session at Rs 2,208.35 on BSE. It hit an overnight low of Rs 2,155, which was Rs 7 off its 52-week low of Rs 2,148. Hero MotoCorp general Pawan Munjal and other senior company executives for tax evasion allegations.
The company then clarified that it was a routine investigation, which is not uncommon before the end of the financial year. He reassured his stakeholders that he continues to operate as usual.
Hero two-wheelers will cost Rs 2K
Hero MotoCorp will carry out an upward revision of the ex-showroom prices of its motorcycles and scooters, effective April 5, 2022. The price revision will be up to Rs 2,000 and the exact amount of the increase will be subject to a specific model and the market. The company said it made the decision to offset the impact of rising commodity prices.