The demand discover pertains to seven evaluation years (AY) from 2012-13 to 2014-15; and 2016-17 to 2019-20.
| Photo Credit: ADNAN ABIDI
The Life Insurance Corporation of India (LIC) stated it has obtained demand notices for ₹3,528.75 crore from the Assistant Commissioner of Income Tax, Mumbai.
The State-owned life insurer stated consequent to an ITAT order, the Income Tax Department has issued intimation for refund of ₹25,464.46 crore. “The ITAT had directed the assessing officer to examine the factual matrix/utilisation of surplus and decide in accordance with law with respect to issue of disallowance/addition on account of interim bonus made in the assessment order. On reconsideration, the Assessing Officer disallowed the same. Tax effect of such disallowance comes to ₹2,133.67 crore,” LIC stated in a submitting on Thursday.
The demand discover pertains to seven evaluation years (AY) from 2012-13 to 2014-15; and 2016-17 to 2019-20.
Sharing particulars of one other discover, for AY 2015-16, LIC stated the ITAT had directed the assessing officer to look at the factual matrix/ utilisation of surplus and resolve in accordance with legislation with respect to situation of disallowance /addition on account of interim bonus made within the evaluation order. On reconsideration, the Assessing Officer disallowed the identical and issued a demand discover for ₹1,395.08 crore.
LIC stated it is going to file appeal in opposition to the notices with the Commissioner of Income Tax (Appeals).
