India’s largest two-wheeler maker Hero MotoCorp has received a tax demand notice from the Income Tax department for Rs 604.87 crore, including interest, for six assessment years.
“The company has received the aforesaid orders/notices pertaining to six assessment years, amounting to a tax demand of Rs 308.65 crore and interest thereon of Rs 296.22 crore,” the automaker said in an exchange filing today.
The demand is on account of certain disallowances for the assessment years from 2013-14 to 2017-18 and 2019-20. Hero MotoCorp said it would appeal against the orders with appellate authorities including filing of 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.
Earlier this week, Maruti Suzuki received an appeal effect order to tax demand notice of Rs 238.72 crore for certain additions and disallowances in the financial year 2010.
