Hero MotoCorp received an order passed under Section 143(3) read with Section 144C of the Income Tax Act, 1961, from the Income Tax Department for the assessment year 2021-22, according to the Company’s exchange filing.
The matter relates to the Income tax return filed for the assessment year 2021-22 on March 10, 2022. The return was examined by the Tax Officer, who made additions to the reported income to the tune of around ₹ 13.23 crore, resulting in an additional tax demand of ₹ 5.50 crore as per the provisions of the Income Tax Act, 1961.
The Company is set to move an appeal challenging the order before an appropriate authority. “In the opinion of the Management, the demand raised is unsustainable in nature and is unlikely to have any material impact on financials, operations, or other activities of the Company,” said Hero MotoCorp in its exchange filing.
Source #ET
