Hero MotoCorp is buzzing in trade after the company issued a clarification on the IT searches. According to news reports Hero MotoCorp Ltd made bogus expenses of more than Rs 1,000 crore.

The company said, they categorically deny any of the speculative press reports. However, they do agree that there was an IT search that took place and the conclusions of the IT findings are not out yet. They say that they will inform exchanges when the tax department concludes their findings.

The company added that they are a law-abiding corporate house, their financials are duly audited, and there are very robust internal financial controls as well.

The Income Tax (I-T) department conducted search operations at Hero MotoCorp’s premises for four days -- from March 23 to March 26. It covered more than 40 locations including Chairman and CEO Pawan Munjal's residence.

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Also Read: Hero MotoCorp tax issue hyped? No official statement from I-T dept about evasion, say tax experts

First Published:Mar 30, 2022 1:00 PM IST