Hero MotoCorp gets Rs 605 cr demand notice from I-T dept

The country's largest two-wheeler maker Hero MotoCorp on Thursday said it has received demand notices from the Income Tax department for around Rs 605 crore, including interest, for six assessment years.

On April 3, 2024, the company received assessment orders/ demand notices dated March 30, 2024, pertaining to six assessment years from the Income Tax department, the company said in a regulatory filing.

The two-wheeler major is examining the orders/ notices received and shall take appropriate steps, including the filing of appeals and rectification applications, it added.

The notice pertains to six assessment years, amounting to a tax demand of Rs 308.65 crore and interest thereon of Rs 296.22 crore, Hero MotoCorp said.

This is on account of certain disallowances, for the assessment years 2013-14 to 2017-18 and 2019-20, it added.

''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 two-wheeler major stated.

Shares of the company on Thursday ended 0.75 per cent lower at Rs 4,522.30 apiece on the BSE.

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