[en] The Landau level spectroscopy technique has been used to explore the electronic structure of the valence band in a series of p-type HgTe/HgCdTe quantum wells with both normal and inverted ordering of bands. We find that the standard axial-symmetric 4-band Kane model, which is nowadays widely applied in physics of HgTe-based topological materials, does not fully account for the complex magneto-optical response observed in our experiments—notably, for the unexpected avoided crossings of excitations and for the appearance of transitions that are electric-dipole forbidden within this model. Nevertheless, reasonable agreement with experiments is achieved when the standard model is expanded to include effects of bulk and interface inversion asymmetries. These remove the axial symmetry, and among other, profoundly modify the shape of valence bands. (paper)