LIC shares rise, snap two-day losing streak on bourses
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The scrip has gained 16 percent in the last year compared to Nifty’s 22.2 percent return over the same period
Shares of Life Insurance Corporation surged 4 percent to Rs 862 in early trade on Januar 15, snapping its two-day losing streak on the exchanges.
The company recently said that it has received an income tax refund of Rs 25,464 crore relating to interim bonuses to policyholders in the past seven assessment years.
At 9:20 am, the stock was trading at Rs 854, up 3 percent from the previous close on the NSE. The scrip has gained 16 percent in the last year compared to Nifty’s 22.2 percent return over the same period.
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In other news, the company declared it has received a tax notice amounting to Rs 1,370.60 crore from the Assistant Commissioner of Income Tax, Mumbai.
LIC said that the Income Tax Appellate Tribunal [ITAT] had directed the assessing officer to examine the factual matrix or utilisation of surplus and decide by law concerning the issue of disallowance or addition on account of interim bonus made in the assessment order. “On reconsideration, the Assessing Officer disallowed the same. and issued a demand notice for Rs. 1370.60 crore,” it further added.
LIC, however, has said that there is no material impact on financials, operations, or other activities of the corporation due to these orders.
The insurance major has received multiple tax demands from various authorities lately. Last week, the state-owned insurer received two demand orders worth Rs 3,528.75 crore from the income tax authorities in Mumbai.
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On January 2, it received a GST notice of Rs 806.3 crore from the Maharashtra deputy commissioner of state tax for various compliance-related shortcomings in FY 2017-18. The demand notice included Rs 365.02 crore of GST dues, Rs 404.7 crore of penalty, and an interest payment of Rs 36.5 crore.
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