Grasim Industries slapped with Rs 8,334-crore income tax demand

The Aditya Birla Group company said it would take "appropriate action" against the order

The Income-Tax (I-T) department has raised a demand of Rs 8,334 crore against Grasim Industries as capital gains tax in a transaction related to the demerger of its financial services business. The Aditya Birla Group company, however, said it would take “appropriate action” against the order, which was “against the spirit of tax laws”.

Grasim referred to its earlier communications in March 2019 about the demand towards dividend distribution tax raised on the company by the deputy commissioner of income tax (DCIT) and subsequent stay granted by the Bombay High Court in the matter, pending decision by the tribunal.

“As a corollary