I-T Dept moves Bombay HC against tribunal's order in favour of LIC in Rs 4,993 crore tax disputes
The Income Tax Department has filed an appeal with the Bombay High Court against an appellate tribunal ruling in favor of Life Insurance Corporation (LIC) in two tax dispute cases totaling Rs 4,993 crore. LIC stated that these litigations will not have a significant adverse effect on its financial position. This comes after LIC received notices from the Income Tax Department for a penalty payment of Rs 84 crore and a GST notice of Rs 290 crore from the Bihar state Tax Department. LIC plans to appeal the GST order.
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