Sources in the Income Tax department said that a team of officials have reached multiple locations related to office premises of Hero motocorp, in Gurugram, Delhi and also residence of executives of the company.
While tax officials have maintained that these searches are in connection with alleged tax evasion, they refused to divulge further details on that.
“Searches are still on since morning. We cannot say anything at this moment. Will share once the (search) process is concluded,” an official told ET.
A team of officials are looking at financial documents and other business transactions of the company, including digital files and data stored.
The company could not be immediately reached out and following the query sent by the ET, statement from the company is still awaited.
This is third big crackdown of tax department on India Inc. A day before, it had conducted searches at the office of Hiranandani group.
Last week the income tax department claimed to detect unaccounted cash worth Rs 3,000 crore from realty company Omaxe Group.
