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.
Top Headlines
