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The Earnings Tax Appellate Tribunal had dominated in favour of LIC in each the circumstances pertaining to the evaluation yr 2013-14. Whereas certainly one of them entails an quantity of Rs 1,838.8 crore, the disputed sum within the second case is Rs 3,153.9 crore.
“The Earnings Tax Division has filed an enchantment earlier than Honourable Bombay Excessive Court docket in opposition to the choice of Earnings Tax Appellate Tribunal. The communication on this regard was acquired on October 17, 2023,” LIC said in a regulatory submitting on Tuesday.
“These litigations is not going to have a fabric adversarial impact on the Company’s monetary place and results of operations,” the LIC submitting additional stated.
The event comes shut on the heels of LIC getting notices from the Earnings Tax Division for paying a penalty of Rs 84 crore. The notices, pertaining to a few evaluation years had been issued on September 29.
Final month, LIC had additionally acquired a GST discover of Rs 290 crore from the Bihar state Tax Division. The federal government-owned insurer had knowledgeable the exchanges that it might file an enchantment earlier than the GST Appellate Tribunal in opposition to the order.
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