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Old 23rd March 2022, 15:58   #1
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Default IT raids at Hero MotoCorp offices, Pawan Munjal residence

The income tax department has conducted searches at the Hero MotoCorp premises. Raids were also conducted at chairman Pawan Munjal's residence and office in Gurgaon.

IT raids at Hero MotoCorp offices, Pawan Munjal residence-pawanmunjalheroceo.jpg

According to media reports, Hero MotoCorp's financial transactions are under the scanner as the IT department is investigating allegations of tax evasion against the company.

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Hero MotoCorp is one of the largest 2-wheeler manufacturers with a presence in 40 countries in Asia, Africa, South and Central America. The brand has more than 50% market share in the Indian 2-wheeler segment.

Source: ANI
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Old 23rd March 2022, 18:47   #2
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Default Re: IT raids at Hero MotoCorp offices, Pawan Munjal residence

I don’t understand the mindset of these guys, after having made it so big, why are they going this way? I could have understood a middle class guy trying to do such stuff. Maybe these people will have the means and methods to evade prison time and all.
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Old 23rd March 2022, 19:46   #3
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Default Re: IT raids at Hero MotoCorp offices, Pawan Munjal residence

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Originally Posted by The Rationalist View Post
I donít understand the mindset of these guys, after having made it so big, why are they going this way? I could have understood a middle class guy trying to do such stuff. Maybe these people will have the means and methods to evade prison time and all.
It is just a IT raid. No evidence has come forth that Mr. Munjal has illegally evaded taxes.

It could also mean that he has pissed someone important in New Delhi and hence the tax raid. IT raids are, unfortunately, one of the many methods employed by Politicians to get their point across.
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Old 23rd March 2022, 22:32   #4
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Default Re: IT raids at Hero MotoCorp offices, Pawan Munjal residence

Munjals are very clean when it comes to corporate governance. But Income Tax department can slap notices or conduct raids like this because of different interpretation of relevant laws.

Even if IT dept slaps a demand for taxes after their scrutiny, it does not mean the company has tried to evade taxes. If a company feels that demand is unfair, they escalate the cases all the way to High Court or Supreme Court.
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Old 23rd March 2022, 23:02   #5
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Default Re: IT raids at Hero MotoCorp offices, Pawan Munjal residence

^^ But the demand, and that the company is contesting it, has to be disclosed in the balance sheet till it is resolved. Liability will have to be provided for.
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Old 24th March 2022, 15:29   #6
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Default Re: IT raids at Hero MotoCorp offices, Pawan Munjal residence

Interesting! I do agree that we need to let the story play out before drawing any conclusions. It does appear that IT department and ED have been raiding a lot of people in the recent past. While I hope that it serves as a deterrent for people who are contemplating tax evasion, I am curious about the success rate of our IT departments in these raids i.e. how many raids lead to a successful case?
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Old 1st April 2022, 14:08   #7
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Default Re: IT raids at Hero MotoCorp offices, Pawan Munjal residence

Seems like IT Department has found something. 1000cr of bogus expenses

https://auto.economictimes.indiatime...thers/90576118

Source - Economic Times
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Old 1st April 2022, 14:20   #8
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Default Re: IT raids at Hero MotoCorp offices, Pawan Munjal residence

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Seems like IT Department has found something. 1000cr of bogus expenses
Raids these days are not knee-jerk actions. Or without surveillance. One of the expense items was chartering flights for non-business purposes, done for a well known political personality to travel to a neighboring country. This was no business expense, but was shown as one.
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