Two-wheeler maker Hero MotoCorp has rubbished reports that the Income Tax Department has detected fraudulent expenses of Rs 1,000 crore in the company. The company said that officials of the Income Tax Department had visited its office last week and they were provided with all support, necessary documents and data.
The company said in a statement to the stock exchanges on Tuesday, “The allegations made in the press report are not based on the documents given to us or our internal documents. We categorically reject these press reports based on speculation.” Some reports had said that the Income Tax Department has detected fraudulent expenses of Rs 1,000 crore in Hero MotoCorp. Following these reports, NSE and BSE had sought clarification from the company.
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