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Hindustan Unilever Limited (HUL) has filed an appeal against a recent tax assessment order that demanded ₹962.75 crores, including interest of ₹329.33 crores. The appeal was filed with the Commissioner of Income-tax (Appeals) in Mumbai on October 9, 2024, following the dismissal of a writ petition challenging the original order.
The shares of Hindustan Unilever Limited (HUL) were trading flat at ₹2,787.75 on the NSE today at 12.20 pm.
On October 10, 2024, HUL also applied for a stay of demand and requested to keep penalty proceedings in abeyance. The company disclosed this information to stock exchanges on October 14, 2024, in compliance with SEBI regulations.
The tax dispute stems from an Assessment Order dated August 23, 2024, issued by Income Tax Authorities. HUL maintains that it has taken steps to invoke its indemnification rights to recover the demanded amount and does not anticipate any financial implications at this stage.
This development follows the Bombay High Court’s dismissal of HUL’s writ petition on September 25, 2024. The court had directed the company to file an appeal with the appropriate authority, which HUL has now done.
- Also read: Mcap: 9 of top-10 most valued firms erodes ₹4.74 lakh crore; Reliance, HDFC Bank hit hard
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