Huge Fall In Hero MotoCorp Shares Price By 7 Percent | What’s The Reason?

Do you know, what’s the reason behind the huge fall in Hero MotoCorp shares price? – Hero MotoCorp News

The Income Tax Department has discovered that Hero MotoCorp made more than ₹ 1000 crores of fake expenses and over ₹ 100 crores in cash transactions for a farmhouse in Chhattarpur, Delhi.

The Income Tax Department performed a search and seizure operation on March 23 on Hero Motocorp and its chairman and managing director Pawan Munjal.

On March 26, this operation was conducted at multiple locations in the Delhi NCR.

Approximately 40 premises spread over multiple locations in Delhi NCR were covered.

The search operations have uncovered numerous incriminating pieces of evidence, including hard copies and digital data.

According to the evidence, the group had bogus purchases, made huge unaccounted cash expenditures, and obtained accommodation entries, aggregating to a total of more than ₹ 1000 crore.

Additionally, the Department found evidence of cash transactions totaling more than 100 crores in the purchase of a farmhouse on the outskirts of Delhi.

Munjal purchased a farmhouse in Chhattarpur, where the market price was manipulated to save tax. More than 100 crores in cash were paid from black money, which violates section 269 SS of the IT Act.

Recent Post: Why Rich People Buy Expensive Paintings?

According to section 269SS of the Income Tax Act, while transacting Immovable Property, a 100 percent penalty will be levied if the seller has accepted an amount of ₹ 20,000 or more in cash from the buyer.

Recent Post: World's First Self-Balancing Scooter Liger X Launched | Available By The End Of 2023

Raids were conducted at offices and residential premises of promoters of Hero MotoCorp last week. Both Pawan Munjal’s residential and official premises were searched.

It was recorded the statements of those present at the site of searches and a panchnama was done.