Overview
The New India Assurance Company Limited has achieved a significant tax victory with the National Faceless Appeal Centre completely deleting an income tax demand of Rs. 672.36 crore for Assessment Year 2022-23. The favourable ruling under section 250 of the Income Tax Act provides substantial financial relief to the government-owned insurance company.
The New India Assurance Company Limited has secured a major victory in its tax appeal, with the National Faceless Appeal Centre deleting a substantial income tax demand of Rs. 672.36 crore. The favourable ruling provides significant financial relief to the government-owned insurance company for Assessment Year 2022-23.
Tax Appeal Victory Details
The company received the favourable order from the National Faceless Appeal Centre (NFAC), Delhi, on 27th February 2026. The order was issued under section 250 of the Income Tax Act, 1961, and completely deleted the income tax demand that had been outstanding.
| Parameter: | Details |
|---|---|
| Authority: | National Faceless Appeal Centre (NFAC), Delhi |
| Order Number: | ITBA/NFAC/S/250/2025-26/1086635918(1) |
| Assessment Year: | 2022-23 |
| Date of Receipt: | 27th February 2026 |
| Demand Deleted: | Rs. 6,72,36,15,635 |
Financial Impact
The deletion of the Rs. 672.36 crore tax demand represents a significant positive development for The New India Assurance Company Limited. The exact amount deleted was Rs. 6,72,36,15,635 (Rs. Six Hundred Seventy Two Crore Thirty Six Lacs Fifteen Thousand Six Hundred Thirty Five Only).
Regulatory Compliance
The company has disclosed this information in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made as required under Clause 20 of Para A of Part A of Schedule III of the SEBI Listing Regulations, read with SEBI Circular dated July 13, 2023.
Company Background
The New India Assurance Company Limited is a government of India undertaking with its registered and head office located at New India Assurance Building, 87, M.G. Road, Fort, Mumbai – 400 001. The company operates under CIN No. L66000MH1919GOI000526 and is listed on both BSE and NSE stock exchanges.
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