Hero MotoCorp Receives ₹604.87 Crore Tax Demand Notice From Income Tax Department

Hero MotoCorp Limited, one of the India's leading two wheeler manufacturer, on Thursday announced through an exchange filing that the company has received assessment orders and demand notice from the Income Tax Department.

The company through the regulatory filing said that the notice is pertained to six assessment years spanning from 2013-14 to 2027-18 and 2019-20.

The tax demand amounts to a staggering Rs 308.65 crore, with an additional interest of Rs 296.22 crore, summing up to a total of Rs 604.87 crore.

Hero MotoCorp, in response to these notices, intends to file appeals with the appellate authorities, along with submitting rectification application.

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"In the opinion of the Management, the demand raised is unsustainable in nature, and is unlikely to have material impact on financials, operations or other activities of the Company," the company said in the exchange filing.

Hero MotoCorp shares

The shares of Hero MotoCorp on Thursday at 3:30 pm IST closed at Rs 4,527, down by 0.66 per cent.