 "I-T searches at Hero MotoCorp CMD Pawan Munjal's premises for 'tax evasion'")
The Income Tax Department is conducting extensive search operations at the residential and office premises of senior management of Hero MotoCorp, including its Chairman and MD&CEO Pawan Munjal over alleged tax evasion.
Confirming the development, a senior tax official told Business Standard that about 25 locations have been covered since Wednesday morning in Delhi and Gurugram and other parts of north India. Some more locations linked to the two-wheeler giant could be also searched, the official said, while refusing to give further details.
Sources in the department said that the action is based on the intelligence inputs it has received against the company and some senior officials of the company. The searches are underway and may continue till Thursday, another person added.
Hero MotoCorp didn’t comment when contacted by the paper.
The two-wheeler maker is a dominant market leader in India with over 50 per cent share in the domestic motorcycle market.
Hero MotoCorp is led by Pawan Munjal and has expanded its presence to 40 countries.
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