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I-T Dept. Alleges Hero MotoCorp Made Bogus Expenses

The Income Tax Department has alleged that Hero MotoCorp made bogus expenses of more than Rs. 1,000 crore, which was the reason behind the I-T raids at Hero management’s home and offices earlier this month. According to the latest reports, the company made more than Rs. 1,000 crore bogus expenses and over Rs. 100 crore cash transactions for a farmhouse in Delhi's Chhattarpur area. The investigation is still under progress, according to Income Tax Department sources. The Income Tax Department carried out a search and seizure operation on March 23, 2022 on Hero MotoCorp Limited and its Chairman and CEO, Dr Pawan Munjal at multiple locations in Delhi-NCR which concluded on March 26, 2022. The search operations covered more than 40 locations, including Dr Munjal's residence. The report states that Dr Munjal purchased the farmhouse where the market price was manipulated to save tax and black money was used to pay cash more than Rs. 100 crore. Hero MotoCorp issued a statement “categorically denying” the allegations. The company says it’s providing “all support and cooperation, necessary documents and data to the authorities and will continue to do so if required.”

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