Income tax department sent tax evasion of Rs 5,872 crore to Grasim Industries

Income Tax Dept has sent tax notice of Rs 5,872.13 crore to Grasim Industries.

This notice has been sent to Grasim for the merger of Aditya Birla Nuvo and Aditya Birla Financial Services. In the notice, a demand of Rs 5,872.13 crore has been demanded including dividend distribution tax and interest. 

In an order issued by the Deputy Commissioner of Income Tax (DCIT), it is said that the demerger of the company separated in the merger scheme is not in accordance with Section 2 (19AA) of the law. Therefore, in view of the merger of Aditya Birla Capital (ABC) of the company unit, the value of shares allocated to Grasim Industries Shareholders will be considered as dividend under the law.

According to Grasim, this order is not right under law. The company has also announced to take necessary steps against the order.

Grasim Industries’s share in BSE fell to Rs 806.35 at the lower level of Rs 806.35 in opening trade at Rs 816.00 today with weakness against the previous close of Rs 829.65. It is running at Rs 815.75 with a fall of Rs 13.90 or 1.68% at about 11.30 pm. The company’s market capitalization at this price is Rs 53,643.59 crore. At the same time, its last 52-week peak is Rs 1,115.00 and the low level is 688.65 rupees.

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