Income Tax Dept. Quashes ₹2.1 Billion Demand Against Aditya Birla Capital ArmA

Aditya Birla Capital Ltd. on Wednesday said the Income Tax Department has set aside a demand of ₹2.10 billion raised against its subsidiary, Aditya Birla Sun Life Insurance Co. Ltd., for the assessment year 2016–17.

The tax demand was nullified following an appeal filed by the subsidiary, the company said in a filing to the exchanges.

Separately, the department has issued a stay on another tax demand of ₹1.84 billion for the assessment year 2022–23. The stay is conditional upon an adjustment of ₹152.4 million from the refund determined for assessment year 2024–25.