Hero MotoCorp, the automotive giant, disclosed on Thursday that it has been served a notice by the Income Tax Department, demanding a payment of Rs 605 crore, inclusive of tax and interest, spanning six assessment years.
In a regulatory filing to the stock exchange, the company revealed that it received assessment orders and demand notices dated March 30, 2024. The tax demand amounts to Rs 308.65 crore, with an additional Rs 296.22 crore levied as interest.
The notice pertains to certain disallowances made by the Income Tax Department for the assessment years 2013-14 to 2017-18 and 2019-20.
Hero MotoCorp intends to challenge these orders by filing appeals with the appellate authorities, along with submitting rectification applications.
The company, while acknowledging the notice, asserted that it believes the demand raised is unsustainable and is unlikely to significantly impact its financials, operations, or other activities. Despite the challenge posed by the tax demand, Hero MotoCorp remains steadfast in its commitment to its stakeholders and continues its operations with confidence.
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