Income Tax imposes Demand of Rs. 189.37 Crore on New India Assurance Company

Income Tax imposes Demand of Rs. 189.37 Crore on New India Assurance Company

The New India Assurance Company Limited, a Government of India undertaking, has informed the stock exchange that it has received an assessment order passed by the income tax authorities under Section 143(3) of the Income Tax Act, 1961, making disallowance of certain expenses.

The order pertains to the Assessment Year 2023-24 (Financial Year 2022-23) and has imposed a demand amounting to Rs 189.37 crore (Rs 1,893,708,470) on the company. The company had received the order on March 23, 2026, at 18:42. The company has stated that it is not satisfied with the said order and is planning to challenge the same before the National Faceless Appeal Centre (NFAC) or look for any other possible legal solutions.

The company had made the aforementioned disclosure through a regulatory filing dated March 24, 2026, addressed to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), issued under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.