Jubilant FoodWorks Limited has announced that it has received a final assessment order from the Income Tax Department dated September 27, 2024, raising a tax demand of ₹70.79 crore for the financial year 2016-17. The tax demand pertains to certain Transfer Pricing Adjustments.
Jubilant FoodWorks, in response, is preparing to appeal the assessment order before the Income Tax Appellate Tribunal (ITAT). The company believes that the tax demand has been raised without due consideration of its contentions and expects to obtain relief through the appeal process.
The company also assured that it does not foresee any material financial impact as a result of this tax demand.
