I-T department detects Rs 1K-cr 'bogus' expenses at Hero MotoCorp

The income tax (I-T) department is learnt to have found that two-wheeler maker Hero MotoCorp made over Rs 1,000 crore in ‘bogus’ expenses and an unexplained cash transaction of Rs 100 crore involving a property allegedly owned by a promoter of the company.

The findings are learnt to be part of the tax department’s initial probe into a possible tax evasion by the two-wheeler giant.

This came after it searched premises of the company and its chairman and CEO Pawan Munjal as well as other top executives of the firm. The search went on for three days between March 23 and March