The Income Tax Department has found that Hero MotoCorp made fraudulent expenditure of over ₹1000 crore, sources told ANI.
The Income Tax Department has found that Hero MotoCorp made over ₹1000 crore fraudulent expenditure and over ₹100 crore cash transactions for a farmhouse in Chhatarpur, Delhi, sources told ANI. The Income Tax Department on 23 March conducted a search and seizure operation on Hero MotoCorp and its Chairman and MD Pawan Munjal at several places in Delhi NCR, which ended on 26 March. The search operation was carried out on more than 40 premises spread at different places in Delhi NCR.
Sources told ANI that a large number of incriminating evidence in the form of hard copy documents and digital data have been seized during the search operation. These evidences have revealed that the group has made fraudulent expenditure of more than ₹ 1000 crore in total. The department has also found evidence of cash transactions of more than ₹ 100 crore in the purchase of a farm house on the outskirts of Delhi.
Munjal bought a farmhouse in Chhatarpur where the market value of the farm house was manipulated to save tax and black money was used to make cash payments of over ₹100 crore which is a violation of section 269 SS of the IT Act.
