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Updated Oct 02, 2021 | 07:10 IST
Kumar Mangalam Birla, Chairman of Aditya Birla Group
Kumar Mangalam Birla, Chairman of Aditya Birla Group  |  Photo Credit: BCCL

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  • Tax department had raised the demand for the assessment year 2018-19 in relation to Grasim Industries’ merger with Aditya Birla Nuvo and Aditya Birla Financial Services
  • Bombay High Court had issued a stay order against DCIT’s demand of dividend distribution tax on the deal in 2019
  • NCLT had approved the merger of Aditya Birla Nuvo, Aditya Birla Financial Services with Grasim Industries in September 2017

198-19Grasim Industries on Friday said it received a tax demand of over -billion or Rs 8,334 crore by the Income Tax department. The company said it received the capital gains tax demand with regard to the sale of shares in a group firm. The Aditya Birla group firm said it would take “appropriate action” against the demand.,betting news

free casino games slot machine,Deputy Commissioner of Income Tax (DCIT) raised the demand for the assessment year 2018-19 in relation to Grasim Industries’ merger with Aditya Birla Nuvo and Aditya Birla Financial Services. It further said the tax demand is “against the spirit of tax laws”, adding it will contest the same.

betwa,Earlier, the Bombay High Court had issued a stay order against DCIT’s demand of dividend distribution tax on the deal in 2019.

casino royale goa review,Grasim Industries in an exchange filing said the DCIT imposed a capital gain tax on the value of shares, without considering that the shares were issued to the shareholders pursuant to the scheme of arrangement and no consideration was received by the company which could be subjected to tax.

“As a corollary to the earlier order, the Learned DCIT has likewise imposed a capital gain tax on the value of shares, without considering that the shares were issued to the shareholders pursuant to the scheme of arrangement and no consideration was received by the Company, which could be subjected to tax. The Learned DCIT has valued the shares issued by the Resulting Company (Aditya Birla Capital Limited) at Rs. 24,037 Crore as the sale consideration for transfer of undertaking and has made addition of capital gains of Rs. 22,772 Crore to the income of the Company as part of scrutiny assessment for the AY 2018-19 and has passed draft assessment order on 30th September 2021,” Grasim Industries said in a BSE filing on Friday.,livescore 24

“Based on the draft Order, demand for the AY 2018-19 is estimated at Rs. 8,334 Crore, including interest and excluding any penalty proceedings. The Company would take appropriate action against the said Order which it believes is against the spirit of tax laws,” it added.,betway app login

The Allahabad bench of the National Company Law Tribunal (NCLT) had approved the merger of Aditya Birla Nuvo (ABNL) with Grasim Industries in September 2017, which was followed by Aditya Birla Financial Services being listed.

fire kirin slots,The Aditya Birla Group flagship company has a presence across sectors. It is a leading global producer of Viscose Staple Fibre (VSF) and the largest Chlor-Alkali linen and insulators in India. Through subsidiaries UltraTech Cements and Aditya Birla Capital, it is also India’s largest producer of chemicals and a leading financial services company.

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