New India Assurance gets Rs 124.98 cr demand notice from Income Tax dept

Quick Summary:

The company received an order on March 19, 2025, from the National Faceless Assessment Centre, Income Tax Department, levying a penalty of Rs 1,24,98,58,050 for disallowance of payment made to auto dealers for the assessment year 2016-17, New India Assurance Company said in a regulatory filing.

Public sector general insurer New India Assurance on Thursday said it has received a Rs 124.98 crore demand notice from the Income Tax Department.

The amount would be shown as a contingent liability in the financial statements of the company, it said.

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Category: BusinessFinance

Markets: India

Topics: New India Assurance tax notice IT department Income Tax department IT notice

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Published On: 2025-03-20 @ 17:40:13 (15 hours ago)

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Language: English

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