I-T Dept moves Bombay HC against tribunal order in favour of LIC in ₹4,993 crore tax disputes
₹4,993 crore. The issue is related to two tax dispute cases pertaining to amounts of ₹1,838.8 crore and ₹3,153.9 crore, respectively. Both the cases are related to assessment year 2013-14.
The Mumbai-bench of Income Tax Appellate Tribunal had ruled in favour of the LIC in both the cases. “…Income Tax Department has filed appeal before Honourable Bombay High Court against the decision of Income Tax Appellate Tribunal. The communication in this regard was received on October 17, 2023," the state-run insurer said in a regulatory filing.
Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! “These litigations will not have a material adverse effect on the Corporation’s financial position and result of operations," it added. The development comes days after LIC said it received notices from the Income Tax Department for a penalty amounting to ₹84 crore.
The notices, pertaining to FY13, FY19 and FY20, were issued on September 29 and were noticed by the company on October 3, it noted. In September, LIC had received another GST notice of ₹290 crore from the Bihar taxation body. This included a tax demand of ₹166.75 crore, interest of ₹107.5 crore and penalty of ₹16.67 crore.
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