Income Tax raid on Hero MotoCorp Chairman Pawan Munjal’s locations, action at three dozen places

New Delhi | IT Raids On Hero MotoCorp: Taking a big action today, the team of Income Tax Department has targeted Hero MotoCorp Chairman Pawan Munjal and many senior officers of the company. The Income Tax Department has raided Air Charter Aviation Services Pvt Ltd and Hero Corp Group. The Income Tax Department has carried out raids on many premises of all these. According to media reports, the Income Tax Department team is raiding the offices and residential premises of Pawan Munjal in Gurugram, Haryana, Delhi and many more places.

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House-office raids, company’s shares exploded
The Income Tax Department is also conducting raids on the residence and office of Hero MotoCorp Chairman Pawan Munjal in Gurgaon. The Income Tax Department team is conducting searches on several premises related to Pawan Munjal. Since then, the company’s shares have seen a major decline. Let us inform you that Hero MotoCorp has registered a significant decline of 29 per cent in overall wholesale sales in February.

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Examine financial documents and business transactions
IT Raids On Hero MotoCorp: According to media reports, the IT team is conducting search and seizure operations on suspicion of tax evasion. Searches are being conducted at different premises of Pawan Munjal. It is being told that raids are going on by the Income Tax Department at about three dozen places of the country. A team of department officials is scrutinizing the financial documents and other business transactions of the company and the promoters.

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