Income Tax imposes Demand of Rs. 189.37 Crore on New India Assurance Company:

The New India Assurance Company Limited has received an Rs 189.37 crore assessment order, planning to file an appeal before NFAC challenging the order.

Company Faces Disallowance of Certain Expenses under Section 143(3)

Saloni Kumari

Mar 25, 2026

Last update on Mar 25, 2026

Income Tax imposes Demand of Rs. 189.37 Crore on New India Assurance Company The New India Assurance Company Limited, a Government of India undertaking, has informed the stock exchange that it has received an assessment order passed by the income tax authorities under Section 143(3) of the Income Tax Act, 1961, making disallowance of certain expenses. The order pertains to the Assessment Year 2023-24 (Financial Year 2022-23) and has imposed a demand amounting to Rs 189.37 crore (Rs 1,893,708,470) on the company. The company had received the order on March 23, 2026, at 18:42. The company has stated that it is not satisfied with the said order and is planning to challenge the same before the National Faceless Appeal Centre (NFAC) or look for any other possible legal solutions. The company had made the aforementioned disclosure through a regulatory filing dated March 24, 2026, addressed to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), issued under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

About Author

Saloni Kumari

Content Writer

Saloni is a Content Writer with 2+ years of experience at studycafe.in. She writes legal, taxation, and finance related content including GST, Income Tax etc. Skilled in translating complex judicial pronouncements and regulatory developments into clear, and reader-friendly articles. Experienced in covering judgements of ITAT, High Court, GSTAT, and news related to Income Tax, GST, and corporate law. She can be reached at [email protected].