On Thursday, Hero MotoCorp, revealed that it had received a tax demand notice from the Income Tax Department. The notice amounted to a total of ₹605 crore, covering six assessment years ranging from FY14 to FY18 & FY20, inclusive of interest charges.
In an official communication submitted to the stock exchange, Hero MotoCorp disclosed, “The company has on April 3, 2024, received assessment orders/demand notices dated March 30, 2024 pertaining to six assessment years from the Income Tax Department”.
The income tax demand comprised ₹308.65 crore as the principal amount and an additional ₹296.22 crore as interest. Hero MotoCorp clarified that these demands stem from certain disallowances noted during the assessment years 2013-14 to 2017-18 and 2019-20.
Hero MotoCorp affirmed that they are meticulously reviewing the received orders and notices and vowed to take suitable measures, including the pursuit of appeals and rectification applications, where deemed necessary.
About Company
Headquartered in Delhi, Hero MotoCorp Limited is a prominent Indian multinational manufacturer of motorcycles and scooters. It is one of the largest two-wheeler manufacturers globally, the company commands an impressive market share of approximately 46% within the Indian two-wheeler industry.
The stock price as of thursday evening has declined by 0.66%. The current stock price is Rs. 4,527.
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