The I-T raids last week were carried out at two of the Hero Motocorp offices in Delhi and Gurugram, and at the residence of the company's chairman and CEO, Pawan Munjal. The IT department has revealed that Hero MotoCorp has made more than Rs 1000 crore in bogus expenses. A transaction of over Rs 100 crore has been made for a farmhouse in Chhattarpur, Delhi.
The Income Tax department carried out this search operation on March 26 and concluded it on March 26. The operation covers over 40 locations in Delhi NCR. The team has seized a large number of documents in form of hard copies and digital data for evidences.
According to the sources, the Company has booked bogus purchases and unaccounted cash transactions. There are evidences of cash transactions of more than 100 crores in purchasing a farmhouse near Delhi. The market price of the farmhouse has been manipulated to save the tax and black money is used to make the payment.
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While transacting Immovable property, if the seller has accepted an amount of Rs 20,000 or more in cash from the buyer, a 100 percent penalty can be levied, according to section 269SS of the Income Tax Act.
The Income Tax department carried out this search operation on March 26 and concluded it on March 26. The operation covers over 40 locations in Delhi NCR. The team has seized a large number of documents in form of hard copies and digital data for evidences.
According to the sources, the Company has booked bogus purchases and unaccounted cash transactions. There are evidences of cash transactions of more than 100 crores in purchasing a farmhouse near Delhi. The market price of the farmhouse has been manipulated to save the tax and black money is used to make the payment.
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While transacting Immovable property, if the seller has accepted an amount of Rs 20,000 or more in cash from the buyer, a 100 percent penalty can be levied, according to section 269SS of the Income Tax Act.