IIFL Finance shares jumped over 8% after founder Nirmal Jain clarified on the Rs 475.56 crore income tax order.
IIFL Finance share price advanced 8.55% intraday to Rs 483.65 apiece. The scrip was trading 8.37% higher by 10:10 a.m. The benchmark NSE Nifty 50 was up 0.12%.
The NBFC informed the exchanges on Tuesday, May 12 that it received an income tax demand notice for a block period from April 1, 2018, to February 3, 2025.
IIFL Finance claimed that it has fulfilled all the applicable tax liabilities and has enough factual and legal grounds support its position. The company further assured that the order will not have any material impact on its financials and operations.
Speaking to NDTV Profit, Jain said that there will no impact of the of tax assessment on business, adding there will be several tax demands under dispute with tax deparment. He futher mentioned that the company has enough frounds to contest the asessment.
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