New India Assurance has received a demand notice from the Income Tax Department of Rs.124.98 crore.
Reetu | Mar 21, 2025 |
New India Assurance gets Income Tax Demand of Rs.124.98 Crore
New India Assurance, a public sector general insurer, said on Thursday that it has received a demand notice from the Income Tax Department of Rs.124.98 crore.
On March 19, 2025, the National Faceless Assessment Centre, Income Tax Department, issued an order levying a penalty of Rs 1,24,98,58,050 for the disallowance of payments made to auto dealers for the assessment year 2016-17, according to a regulatory filing by New India Assurance.
According to the company, the amount will be reflected as a contingent liability in its financial statements.
In accordance to the company, depending on the merits of the case, it will file an appeal with the National Faceless Appeal Centre (NFAC) or explore other legal options against the order.
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