Monday, April 22, 2024

IT raids on Hero MotoCorp; as well as on Pawan Munjal’s homes

The Income Tax Department is conducting searches on several premises linked to Hero MotoCorp Chairman Pawan Munjal and other senior executives of the company for suspected tax evasion.

Offices and residential premises of Munjal in Gurugram, Haryana, Delhi and few other locations are being covered, sources in the Income Tax department said.

A team of officials of the department are looking at financial documents and other business transactions of the company and the promoters, they said. 

“The searches are being conducted at Hero MotoCorp Chairman Pawan Munjal premises. Over two dozen premises of Hero Moto Corp and its senior executives are also being searched. Search and Seizure action on suspicion of tax evasion,” sources in the Income Tax department told NDTV.

Hero MotoCorp has reported a significant 29 per cent fall in total wholesales in February. The automobile company sold 3,58,254 units as against 5,05,467 units in the corresponding period of last year, according to a company statement.

Domestic sales were also down 31.57 per cent at 3,31,462 units last month compared to 4,84,433 units in February 2021.

Motorcycle sales last month stood at 3,38,454 units compared to 4,63,723 units in same month last year.

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