The Life Insurance Corporation of India (LIC) said it has received demand notices for ₹3,528.75 crore from the Assistant Commissioner of Income Tax, Mumbai.
The State-owned life insurer said 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 said in a filing on Thursday.
The demand notice pertains to seven assessment years (AY) from 2012-13 to 2014-15; and 2016-17 to 2019-20.
Sharing details of another notice, for AY 2015-16, LIC said 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 and issued a demand notice for ₹1,395.08 crore.
LIC said it will file appeal against the notices with the Commissioner of Income Tax (Appeals).
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