The New India Assurance Company has successfully secured the deletion of a substantial tax demand amounting to Rs. 672.36 crore pertaining to the Assessment Year (AY) 2022-23. This favorable outcome was delivered via an order from the National Faceless Appeal Centre (NFAC) in Delhi. The initial demand, levied by the Income Tax Department, has been entirely removed, resulting in a positive, quantifiable impact on the company’s financial standing for the relevant period.
Favorable Tax Appeal Outcome Announced
The New India Assurance Company Ltd. has reported a significant positive development regarding its tax assessments. The company received an order from the National Faceless Appeal Centre (NFAC), Delhi, resulting in the complete deletion of a major tax demand.
Details of the Deleted Demand
The demand that has been deleted was levied by the Income Tax Department for the Assessment Year (AY) 2022-23. The exact monetary value of this deleted demand is Rs. 6,72,36,15,635/- (Rupees Six Hundred Seventy Two Crore Thirty Six Lacs Fifteen Thousand Six Hundred Thirty Five Only).
This resolution was formalized through Order No. ITBA/NFAC/S/250/2025-26/1086635918(1), received by the company on 27th February 2026, issued under Section 250 of the Income Tax Act, 1961.
Financial Impact Assessment
The impact on the company’s finances is substantial and quantifiable, as the entire demand amount of Rs. 6,72,36,15,635 has been effectively nullified. The company confirmed that no violations or contraventions were committed or alleged in this matter, rendering the outcome purely beneficial to its financial operations.
Source: BSE
