LI Network
Published on: October 18, 2023 at 11:40 IST
The Income Tax (I-T) Department has taken its dispute with the Life Insurance Corporation (LIC) to the Bombay High Court. The I-T Department is contesting the decision of an appellate tribunal that favored LIC in two significant tax cases involving a total sum of Rs 4,993 crore.
Both cases were related to the assessment year 2013-14, with one case involving an amount of Rs 1,838.8 crore and the second one amounting to Rs 3,153.9 crore.
LIC confirmed this development in a regulatory filing, stating that these litigations would not materially affect the corporation’s financial position and operational results.
This move follows the recent issuance of notices to LIC by the Income Tax Department, demanding a penalty of Rs 84 crore for three assessment years.
In addition, LIC received a GST notice of Rs 290 crore from the Bihar state Tax Department, to which LIC has stated its intent to file an appeal before the GST Appellate Tribunal.