concrete image

New Delhi:

Hero MotoCorp, the country’s largest two-wheeler maker, on Thursday said it has received a demand notice from the Income Tax Department to pay around Rs 605 crore (including interest) over six assessment years.

The company said in a regulatory filing that on April 3, 2024, the company received an assessment order/demand notice dated March 30, 2024, from the Income Tax Department, covering six assessment years.

The two-wheeler major is reviewing the orders/notifications received and will take appropriate steps including filing appeals and rectification applications, it added.

Hero MotoCorp said the notification relates to six assessment years with a tax demand of Rs 308.65 crore and interest of Rs 296.22 crore.

This was due to certain disallowed circumstances in the assessment years 2013-14 to 2017-18 and 2019-20, it added.

“The management believes that the demand raised is unsustainable in nature and is unlikely to have a material impact on the financial, operational or other activities of the company,” the two-wheeler major said.

The company’s shares closed 0.75 per cent lower at Rs 4,522.30 apiece on the BSE on Thursday.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)