New Delhi: The Income Tax Department on Wednesday conducted raids on multiple premises of Hero MotoCorp chairman & MD Pawan Munjal’s residence & office.
The I-T raids took place as part of tax evasion investigation, said an official.
Hero MotoCorp is India’s largest two-wheeler manufacturer and is among the most reputed and reliable brand. I-T officials were searching multiple premises located in Delhi & adjoining cities like Gurugram.
Hero MotoCorp, led by Pawan Munjal, has expanded its presence to 40 countries in Asia, Africa, South America and Central America. The two-wheeler maker became world’s largest two-wheeler manufacturer in 2001and accounts for 50% share in the domestic motorcycle market.
25 premises under IT lens
According to reports, the search operations are currently underway at 25 premises of the Hero MotoCorp company.
The I-T team is reportedly scanning the documents & financial transactions of the company of last 3-4 years and may also seized documents for investigation. However, no official statement has come from either side.
The I-T raids at the Hero Motocorp became a talking point on social media. Some expressed surprise over alleged malpractices in company while others were shocked to know that an old & household name has come under the scanner of tax agencies.
