In step three, the shell eats one of the backslash characters before 
kinit sees it, so kinit parses the principal name 
"anand\slash@DOMAIN".  "\s" is parsed as just "s" (since it is not one 
of the special sequences "\n", "\t", "\b", or "\0" which map to 
newline, tab, bell, and nul), so the result of parsing is the same as 
just "anandslash@DOMAIN".

If you put single quotes around the principal name in the shell line 
like this:

  kinit -k -t /tmp/slash.keytab -p 'anand\\slash@DOMAIN'

then it should work, or does in my tests just now.

(Incidentally, the -p flag requests proxiable tickets, which is not 
common usage.  You don't need to specify any particular option just to 
give a principal name on the command line.)