IIFL Capital Services Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
IIFLCAPS · price
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IIFL Capital Services Limited has disclosed pending tax litigation for two wholly-owned subsidiaries. The Income Tax Authority, Joint Commissioner of Income Tax (OSD), Central Circle-4(4), Mumbai, has raised tax demands under Section 158BC(1)(c) of the Income Tax Act, 1961. The demand amounts to Rs. 6.82 Crore for IIFL Facilities Services Limited and Rs. 49.46 Crore for IIFL Management Services Limited, totaling Rs. 56.28 Crore including surcharge and cess. The assessment covers the block period from April 1, 2018 to February 3, 2025. Both subsidiaries believe they have duly discharged all tax liabilities and intend to appeal against the orders. They expect no material impact on financials or operations.
The tax demand of Rs. 56.28 crore is material for the subsidiaries. However, since the companies plan to appeal and believe they have adequate legal grounds, the financial impact remains uncertain until the appellate authority rules.