New Delhi: Auto giant Hero MotoCorp Thursday said it has received a notice from the Income Tax Department to pay up Rs 605 crore as tax and interest for six assessment years.
“The company on April 3 received assessment orders/demand notices dated March 30, 2024, pertaining to six assessment years from the Income Tax Department,” Hero MotoCorp stated in a stock exchange filing.
The company disclosed that the tax demand amounted to Rs 308.65 crore while another Rs 296.22 crore was charged as interest.
“This is on account of certain disallowances, for the assessment years 2013-14 to 2017-18 and 2019-20,” the leading two-wheeler maker said.
The notice is on account of certain disallowances in the mentioned assessment years.
The company also said that it will be filing appeals against the orders with the appellate authorities, and also file rectification applications.
“In the opinion of the management, the demand raised is unsustainable in nature, and is unlikely to have a material impact on financials, operations or other activities of the company,” Hero MotoCorp added.
IANS