Home INDIA Hero MotoCorp Gets Demand Notice Of Rs 605 Crore From Tax Body

Hero MotoCorp Gets Demand Notice Of Rs 605 Crore From Tax Body

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Hero MotoCorp receives Rs 605 Crore notice from tax authorities

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New Delhi:

Hero MotoCorp, the country’s largest two-wheeler manufacturer, on Thursday said it has received notices from the Income Tax Department for around Rs 605 crore, including interest, for six assessment years.

On April 3, 2024, the company received assessment notices/notices dated March 30, 2024, covering six assessment years, from the Income Tax Department, the company said in a regulatory filing.

The two-wheeler major is examining the orders/notices received and will take appropriate action, including filing appeals and rectification requests, it added.

The notice covers six assessment years, amounting to a tax claim of Rs 308.65 crore and interest thereon of Rs 296.22 crore, Hero MotoCorp said.

This is due to certain disallowances, for assessment years 2013-14 to 2017-18 and 2019-20, it added.

“In management’s opinion, the demand being raised is unsustainable in nature and is unlikely to have a material impact on the company’s finances, operations or other activities,” the two-wheel major said.

The company’s shares ended 0.75 per cent lower at Rs 4,522.30 apiece on the BSE on Thursday.

(Except for the headline, this story has not been edited by WhatsNew2Day staff and is published from a syndicated feed.)

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