SBI Life faces Income Tax order; plans appeal

SBI Life Insurance Company (BSE: SBILIFE) announced it has received an order u/s 270A from the Income Tax Department on March 26, 2025. The company stated that this order pertains to Assessment Year 2018-19 (Financial Year 2017-18). While the order carries no tax demand or interest implications, it does involve a penalty of Rs. 23.80 crore. The company believes the Tax Authority has erroneously levied this penalty by adding the allowable expense as per the Income Tax Act, 1961. SBI Life plans to appeal the order before the Appellate Authority and will also file a rectification. The company has stated that the Income Tax order will not have a material adverse impact on its financial operations.