Mumbai, Oct 17 (IANS) The Income Tax (I-T) Department has moved the Bombay High Court to challenge an appellate tribunal order in favour of the Life Insurance Corporation (NS: LIFI ) (LIC) in two major tax dispute cases involving a cumulative amount of Rs 4,993 crore.
The Income Tax Appellate Tribunal had ruled in favour of LIC in both the cases pertaining to the assessment year 2013-14. While one of them involves an amount of Rs 1,838.8 crore, the disputed sum in the second case is Rs 3,153.9 crore.
"The Income Tax Department has filed an 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," LIC stated in a regulatory filing on Tuesday.
"These litigations will not have a material adverse effect on the Corporation's financial position and result of operations," the LIC filing further said.
The development comes close on the heels of LIC getting notices from the Income Tax Department for paying a penalty of Rs 84 crore. The notices, pertaining to three assessment years were issued on September 29.
Last month, LIC had also received a GST notice of Rs 290 crore from the Bihar state Tax Department. The government-owned insurer had informed the exchanges that it would file an appeal before the GST Appellate Tribunal against the order.
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