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In a significant development, the Income Tax Department has levied a substantial penalty of Rs 84 crore on the Life Insurance Corporation (LIC) relating to three assessment years. LIC, a stalwart in the Indian insurance industry, has decided to challenge this decision by filing an appeal against the order. The breakdown of the penalties imposed by the tax authorities is as follows: Assessment Year 2012-13: A penalty of Rs 12.61 crore. Assessment Year 2018-19: A hefty penalty of Rs
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FAQ :
The Income Tax Department has imposed a total penalty of Rs 84 crore on LIC.
The penalties were levied for assessment years 2012-13, 2018-19, and 2019-20.
LIC has decided to challenge the decision and will be filing an appeal against the order.
The penalties have been imposed for alleged violations of sections 271(1)(c) and 270A of the Income Tax Act.
The notice from the Tax Department was issued on September 29, 2023.
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