Explorer

I-T Raids Show Hero MotoCorp Made Over Rs 1,000-Crore Bogus Expenses: Report

On March 23, the I-T department conducted searches at multiple locations of Hero Motocorp, including office and residence of Pawan Munjal

New Delhi: The Income Tax (I-T) department has unearthed Rs 1,000 crore bogus expenses and over Rs 100-crore cash transactions by Hero MotoCorp from Chhattarpur farmhouse in New Delhi, quoting sources ANI has reported.

On March 23, the I-T department conducted searches at multiple locations of Hero Motocorp, including the office and residence of promoter Pawan Munjal and premises in Delhi-NCR linked to the top officials of the company are also covered in this search.

Around three dozen locations have been covered in the raids since Wednesday morning, including Delhi, Gurugram, Noida, Ghaziabad, and Punjab.

The raids were concluded on March 26. The search operations covered more than 40 premises spread over different locations in Delhi-NCR.

During the operations, sources have told ANI that a large number of incriminating evidences such as hard copy documents and digital data have been seized by the I-T department.

These evidences showed that Hero MotoCorp has booked bogus purchases, made huge unaccounted cash expenditures, and obtained accommodation entries, aggregating to the tune of more than Rs 1,000 crore.

The central agency has also found evidence of cash transactions of more than Rs 100 crore in the purchase of a farmhouse on the outskirts of Delhi.

According to sources, Pawan Munjal purchased a farmhouse in Chhattarpur where the market price of farmhouse was manipulated to save tax and used black money to pay cash more than Rs 100 crore, which is a violation of section 269 SS of IT Act.

According to Section 269SS of Income Tax Act, while transacting Immovable Property, 100 per cent penalty will be levied if the seller has accepted an amount of Rs 20,000 or more in cash from the buyer.

On Tuesday, the company’s scrip on the BSE closed trading 7 per cent lower at Rs 2,208.

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headline

'Have To Save Our Families: PM Modi Blasts DMK Over Drug Busts In TN, Says 'BJP Enough To Fight Menace'
PM Modi Blasts DMK Over Drug Busts In TN, Says 'BJP Enough To Fight Menace'
Mukhtar Ansari Death: UP Court Orders Probe After Son Claims Father 'Poisoned' In Jail — Top Points
Mukhtar Ansari Death: UP Court Orders Probe After Son Claims Father 'Poisoned' In Jail — Top Points
I.N.D.I.A Bloc In Bihar: Here's How Congress, RJD Have Decided To Share Seats After JD-U's Exit
I.N.D.I.A Bloc In Bihar: Here's How Congress, RJD Have Decided To Share Seats After JD-U's Exit
'BJP Should Pay Rs 4,600 Crore': Congress Slams Income Tax Dept, ECI After Getting Rs 1,700-Crore Notice
'BJP Should Pay Rs 4,600 Crore': Congress Slams Income Tax Dept, ECI After Getting Rs 1,700-Crore Notice
Advertisement
for smartphones
and tablets

Videos

Emotional Yet Fun Video Featuring Kapil Sharma, Tabu & Rhea Kapoor, Sharma To Star In 'Crew'ABP Shikhar Sammelan 2024: Anurag Thakur's counterattack to opposition over electoral bondsABP Shikhar Sammelan 2024: Why did BJP canceled tickets of more than 100 sitting MP's?|Anurag ThakurABP Shikhar Sammelan 2024: Anurag Thakur's gets angry on TMC-Congress over remarks on Kangana Ranaut

Photogallery

Embed widget