Hero MotoCorp faces tax probe
New Delhi, August 9
Indian tax authorities are investigating motorcycle maker Hero MotoCorp’s relationship with a vendor suspected of reporting about Rs 90 crore ($11 million) in false expenditure, two sources familiar with the matter said.
Based on the alleged fake spending by vendor Salt Experiences, Hero MotoCorp received a tax credit, leading to suspected tax evasion of about Rs 16 crore, one of the two sources said, speaking on condition of anonymity.
A spokesperson for Hero MotoCorp said “There is no ongoing investigation against” the company on the matter, but did not elaborate further. Salt could not be reached for immediate comment. — Reuters
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