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Hero MotoCorp gets Rs 605 cr demand notice from I-T dept

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NewsDrum Desk
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New Delhi, Apr 4 (PTI) The country's largest two-wheeler maker Hero MotoCorp on Thursday said it has received demand notices from the Income Tax department for around Rs 605 crore, including interest, for six assessment years.

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On April 3, 2024, the company received assessment orders/ demand notices dated March 30, 2024, pertaining to 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 shall take appropriate steps, including the filing of appeals and rectification applications, it added.

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

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

"In the opinion of the management, the demand raised is unsustainable in nature, and is unlikely to have material impact on financials, operations or other activities of the company," the two-wheeler major stated.

Shares of the company on Thursday ended 0.75 per cent lower at Rs 4,522.30 apiece on the BSE. PTI MSS SHW

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