Hero MotoCorp Price Hike: India’s largest two-wheeler maker Hero MotoCorp on Tuesday announced that it will increase the ex-showroom prices of its motorcycles and scooters by up to Rs 2,000 from April 5. It added that price changes are needed to partially offset the impact of the rise in commodity prices.
According to Mint, the company said in a statement, “The price change will be up to Rs 2,000 and the exact quantum of hike will be subject to a specific model and market.”
Several different companies including Toyota Kirloskar Motor, Audi, BMW and Mercedes-Benz have announced a hike in the prices of their products from next month due to increase in input cost.
Hero MotoCorp’s announcement comes on a day when its shares fell more than seven per cent. It is worth noting here that it is claimed that the Income Tax Department has detected fraudulent expenses of Rs 1,000 crore on behalf of the company.
Searched more than 40 premises
According to news agency ANI, on March 23, the I-T department conducted a search and seizure operation of Hero MotoCorp and its Chairman and Managing Director Pawan Munjal at several places in Delhi NCR, which ended on March 26.
Under this operation, more than 40 premises spread at many different locations in Delhi NCR were searched. The report said that a large number of incriminating evidence in the form of hard copy documents and digital data were seized during the search operation.
This evidence has revealed that the group has booked fraudulent purchases, spent huge unaccounted cash and secured accommodation entries, aggregating to over Rs 1000 crore. The department has also found evidence of cash transactions of more than Rs 100 crore in the purchase of a farmhouse on the outskirts of Delhi.
1000 crore scam found in Income Tax raid on Hero Motocorp, shares slipped
Munjal bought a farmhouse in Chhatarpur, where market value of the farmhouse was manipulated to save tax and black money was used to make cash payments of more than Rs 100 crore, which is a violation of section 269 SS of the IT Act .
As per Section 269 SS of the Income Tax Act, 100% penalty will be levied if the seller accepts an amount of Rs.
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