Quick Summary
The Life Insurance Corporation (LIC) is currently grappling with an appeal filed by the Income Tax Authority with the Bombay High Court, challenging the Income Tax Appellate Tribunals recent decision to grant the insurance giant tax relief in two disputes, totaling a significant Rs 4,993 crore. The move by the Income Tax Authority has ignited fresh legal battles for LIC, which has already been dealing with substantial income tax penalty notices in recent months. In a development that could ha
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1999
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4999
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FAQ :
The Income Tax Department is appealing against a decision by the Income Tax Appellate Tribunal that granted LIC tax relief in two tax disputes.
The total amount in dispute across the two cases is £4,993 crore.
The appeal is being heard by the Bombay High Court.
LIC received the communication regarding the appeal on 17 October 2023.
LIC has stated that these litigations will not have a material adverse effect on the corporation's financial position and results of operations.
Yes, LIC recently received income tax penalty notices from GST officials amounting to £290 crore and £84 crore in September and October.
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