Hero MotoCorp Limited has received an order dated December 31, 2024, from the Dy. Commissioner of Income Tax, Central Circle 27, New Delhi, according the company’s exchange filing.
The Order was passed under Section 143(3) read with Section 144C of the Income Tax Act, 1961 for the assessment year 2020-21 under which the Tax Officer has made the additions to the reported income to the tune of around ₹ 96.50 crore resulting in an additional tax demand of ₹ 26.40 crore (approx.).
Hero MotoCorp had filed its Income tax return for the Assessment Year 2020-21 on December 31, 2020. The order was passed after an examination by the Tax Officer as per the provisions of the Income Tax Act, 1961.
Hero MotoCorp is likely to challenge the order before an appellate authority. “The Company is examining the order/ notice received and shall take appropriate steps, including filing of appeal and rectification application,” Hero MotoCorp said in an exchange filing.
The disclosure to the exchange was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Source #ET
