Hero MotoCorp Ltd has been slapped with an additional tax demand of ₹26.40 crore for the assessment year 2020-21. The order has been passed by the Deputy Commissioner of Income Tax, Central Circle 27, New Delhi, on December 31, 2024.
The company had filed its income tax return for the assessment year 2020-21 on December 31, 2020, and the tax officer had duly scrutinized the return.
On January 1, 2025, shares of Hero MotoCorp Ltd closed at ₹4168 which is a 0.29% gain than the previous close. The stock has gained a total of 1.21% in the last one year, and 25% dip in the last six months.
Hero MotoCorp is going to appeal and submit a rectification application against the order. Management of the company believes that the raised tax demand cannot be sustained, and it will have very insignificant implications on the financials, operations, or other activities. Despite the tax demand, Hero MotoCorp assures all its stakeholders that the issue is not going to affect its business much.
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