Hindustan Unilever Limited gets ₹963 cr Income Tax demand notice
The Hindu
HUL to appeal against ₹962.75 crore tax demand on non-deduction of TDS for GlaxoSmithKline acquisition.
Leading FMCG maker Hindustan Unilever Limited (HUL) said that it has received a demand notice of ₹962.75 crore from the Income Tax Department and will go in for an appeal against the order.
The notice relates to the non-deduction of TDS on payment of ₹3,045 crore to GlaxoSmithKline Consumer Healthcare (GSKCH) for the acquisition of Intellectual Property Rights of the Health Foods Drinks (HFD) business consisting of brands such as Horlicks, Boost, Maltova, and Viva, according to a recent exchange filing.
A demand of " ₹962.75 crore (including interest of ₹329.33 crore) has been raised on the company on account of non-deduction of TDS as per provisions of Income Tax Act, 1961 while making remittance of ₹3,045 crore (EUR 375.6 million) for payment towards the acquisition of India HFD IPR from GlaxoSmithKline ‘GSK’ Group entities," it said.
According to HUL, the said demand order is "appealable" and it will be taking "necessary actions" following the law prevailing in India.
HUL said it believes it "has a strong case on merits on tax not withheld" based on available judicial precedents, which have held that the situs of an intangible asset is linked to the situs of the owner of the intangible asset and hence, income arising on sale of such intangible assets are not subject to tax in India.
The demand notice was raised by the Deputy Commissioner of Income Tax, Int Tax Circle 2, Mumbai and received by the company on August 23, 2024.
"There should not be any significant financial implications at this stage," HUL said.
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