Income Tax Department has found that Hero MotoCorp has earned more than Fake expenditure of 1000 crores and above 100 crore cash transaction for a farmhouse in Delhi’s Chhatarpur, sources told ANI.
The Income Tax Department on March 23 conducted a search and seizure operation on Hero MotoCorp and its Chairman and Managing Director Pawan Munjal at several places in Delhi NCR, which ended on March 26.
The search operation covered more than 40 premises spread at various 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 suggest that the group has booked fraudulent purchases, spent huge amounts of unaccounted cash and received housing entries, amounting to a total of over Rs. 1000 crores.
The department has also found evidence of cash transactions exceeding 100 crores in the purchase of a farm house on the outskirts of Delhi.
Munjal bought a farmhouse in Chhatarpur where the market price of the farm house was manipulated to save tax and the black money was used to pay maximum cash. 100 crore which is a violation of section 269 SS of IT Act.
As per Section 269SS of the Income Tax Act, while transacting immovable property, 100 per cent penalty will be levied if the seller has accepted an amount 20,000 or more in cash from the buyer.
Last week, the offices and residential premises of the promoters of Hero MotoCorp were raided. The searches include the residential and official premises of Pawan Munjal. The statements of the people present where the searches are being conducted were recorded and Panchnama was done.
Hero MotoCorp shares were trading lower by 8% in late trade 2177.
This story has been published without modification in text from a wire agency feed. Only the title has been changed.
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