Shares of HDFC Life Insurance Company were gaining on Friday after the firm emerged victorious in a significant income tax dispute.
What Happened: The life insurance company said it had received a favourable ruling in a tax case from the Income Tax Appellate Tribunal in Mumbai
The order, dated November 9, came in HDFC Life’s favour, settling a tax dispute involving a sum of ₹3,319.60 crore. The tax department, however, retains the right to contest this order in the Bombay High Court.
The tax dispute has been long-standing and has been pending since August 14, when the company had informed changes of the charge.
Price Action: HDFC Life Insurance Company’s share price was up 0.7% at ₹625.70 around noon on Friday, following the announcment.
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