New India Assurance faces INR 124.99 crore income tax penalty
The New India Assurance Company (BSE: NIACL) disclosed a penalty of ₹1,24,98,58,050 levied by the National Faceless Assessment Centre, Income Tax Department. The penalty, issued under section 271(1)(c) of the Income Tax Act, 1961, relates to disallowance of payment made to auto dealers under section 37 of the Act for the assessment year 2016-17. The company intends to pursue an appeal before the National Faceless Appeal Centre (NFAC) or explore other legal options. The contingent liability will be reflected in the company's financial statements. The announcement was made in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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