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Business News/ Companies / News/  Hero MotoCorp gets demand notice of 605 crore from Income Tax Department
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Hero MotoCorp gets demand notice of ₹605 crore from Income Tax Department

Hero MotoCorp on Thursday said the Income Tax Department has issued a notice for a total ₹605 crore including interest for six assessment years (FY14 to FY18 & FY20).

Earlier this week, Hero MotoCorp reported a 5.5% growth in total sales at 56,21,455 units in 2023-24 as compared to the previous fiscal (Photo: HT)Premium
Earlier this week, Hero MotoCorp reported a 5.5% growth in total sales at 56,21,455 units in 2023-24 as compared to the previous fiscal (Photo: HT)

Hero MotoCorp—the world's largest two-wheeler manufacturer—on Thursday said it has received a tax demand notice from the Income Tax Department for a total 605 crore including interest for six assessment years (FY14 to FY18 & FY20).

“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," Hero MotoCorp said in an exchange filing.

The company has received the aforesaid orders/notices pertaining to six assessment years, amounting to a tax demand of Rs. 308.65 crore and interest thereon of Rs. 296.22 crore. This is on account of certain disallowances, for the assessment years 2013-14 to 2017-18 and 2019-20," Hero MotoCorp added.

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The assessment orders and demand notices are for six assessment years including FY14, FY15, FY16, FY17, FY18 and FY20. The notice is on account of certain disallowances in the mentioned assessment years.

“The company is examining the orders/ notices received and shall take appropriate steps, including the filing of appeals and rectification applications" Hero MotoCorp added.

“In the opinion of the Management, the demand raised is unsustainable in nature and is unlikely to have the exchange filing read.

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Earlier this week, the company reported a 5.5% growth in total sales at 56,21,455 units in 2023-24 as compared to the previous fiscal. The company had sold 53,28,546 units in 2022-23.

Motorcycle sales in FY24 stood at 51,90,672 units as against 49,59,156 units in FY23. Scooter sales were at 430,783 units in FY24 as compared to 369,390 units in FY23, Hero MotoCorp said.

Domestic sales in FY24 were higher at 54,20,532 units as compared to 51,55,793 units in FY23, it added. Similarly, exports stood at 2,00,923 units in FY24, up from 1,72,753 units in FY23.

 

 

 

 

 

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Published: 04 Apr 2024, 04:07 PM IST
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