Hindustan Unilever revealed on Friday that it had received a massive tax notice for Rs 1986 crore. The Indian arm of the UK-based company said the Income Tax Department had disputed the valuation of certain related-party transactions and raised questions about some of its depreciation claims for tax purposes. The company, which owns popular brands such as Rin, Surf Excel, Lux and Horlicks, has also indicated plans to appeal against the order which pertains to FY 2020-21.

“The Tax authorities have made transfer pricing adjustments in the nature of disallowance of payments to related parties or challenged the valuation of such related party payments and corporate tax disallowances in the nature of depreciation claimed,” HUL said in a regulatory filing.

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