Hero MotoCorp made over Rs 1,000 crore bogus expenses, IT search reveals
Zee News
Income Tax Department carried out a search and seizure operation on March 23 on Hero Motocorp and its chairman and managing director Pawan Munjal at multiple locations in Delhi NCR which concluded on March 26.
New Delhi: The Income Tax Department has found that Hero MotoCorp made more than Rs 1000 crore bogus expenses and over Rs 100 crore cash transactions for a farmhouse in Chhattarpur, Delhi, sources told ANI.
Income Tax Department carried out a search and seizure operation on March 23 on Hero Motocorp and its chairman and managing director Pawan Munjal at multiple locations in Delhi NCR which concluded on March 26.The search operations covered more than 40 premises spread over different locations 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 operations. These evidences revealed that the group has booked bogus purchases, made huge unaccounted cash expenditures and obtained accommodation entries, aggregating to the tune of more than Rs 1000 crore.
The Department has also found evidence of cash transactions of more than Rs 100 crore in the purchase of a farm house in the outskirts of Delhi.
Munjal purchased a farmhouse in Chhattarpur where the market price of farm house 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.
