The New India Assurance Company has secured a significant relief from the National Faceless Appeal Centre (NFAC). The company announced that a penalty amounting to Rs. 2,02,96,664 previously levied for the 2019-20 assessment year has been officially deleted. This favorable outcome follows a successful appeal process, marking a positive financial development for the organization as it resolves legacy tax matters.
Successful Appeal Outcome
In a recent development, The New India Assurance Company has received a favorable order regarding its tax liabilities. The National Faceless Appeal Centre (NFAC) in Delhi has processed the company’s appeal for the 2019-20 assessment year, resulting in the deletion of a substantial penalty of Rs. 2,02,96,664.
Details of the Tax Relief
The order, referenced as ITBA/NFAC/S/250/2025-26/1088196819(1), was formally received by the company on 31st March, 2026. This decision effectively clears the financial burden associated with the earlier penalty, ensuring that the previously contested amount is no longer payable. This resolution reflects the successful conclusion of the company’s efforts to address the assessment order through the prescribed legal and administrative channels.
Source: BSE
