According to ANI, the Income Tax Department discovered that Hero MotoCorp made over 1000 crore in fake charges and over 100 crores in cash transactions for a farmhouse in Chhattarpur, Delhi.
The Income Tax Department conducted a search and seizure operation on Hero Motocorp and its chairman and managing director Pawan Munjal on March 23 at several sites in Delhi NCR, which finished on March 26.
The search activities included more than 40 buildings in various places around the Delhi NCR.
According to sources, a considerable amount of incriminating evidence in the form of hard copy papers and digital data was recovered during the search operations. This evidence demonstrated that the group had recorded fake transactions, made large unexplained cash expenditures, and got accommodation entries totalling more than 1000 crore.
The Department also discovered evidence of cash transactions totalling more than 100 crores in the acquisition of a farm home on the outskirts of Delhi.
Munjal acquired a property in Chhattarpur where the market price of the farm home was altered to minimise tax and utilised black money to pay cash more than 100 crore, which is a breach of Section 269 SS of the IT Act.
According to Section 269 SS of the Income Tax Act, if the seller accepts a sum of 20,000 or more in cash from the buyer when transacting Immovable Property, a 100% penalty would be charged.