Hindustan Unilever Gets Nearly Rs 1,600 Crore Tax Demand
HUL said it will file necessary appeal with the appellate authority against the order within the permissible timeline.
Hindustan Unilever Ltd. on Thursday disclosed it has received a tax demand from authorities for a whopping Rs 1,560 crore. The demand notice was sent from the Assistant Commissioner of Income Tax at Mumbai.
"The Tax authorities have made transfer pricing (disallowance of payments to related parties or challenged the valuation of such related party payments) and corporate tax adjustments (disallowances in the nature of depreciation claimed) similar to the previous financial year," the company said in a stock exchange filing.
The tax demand relates to financial year 2021-22 (assessment year 2022-23) under section 143, read with 144C(13) of the Income Tax Act, 1961.
HUL said it will file necessary appeal with the appellate authority against the order within the permissible timeline. The company sees no material impact on financial, operational or other activities due to the tax order.
Hindustan Unilever shares settled 0.4% lower at Rs 2,386.70 on the NSE, ahead of the announcement, compared to a 1% decline in the benchmark Nifty 50. The stock is flat on a 12-month basis.
