A penalty has been imposed on a state-owned insurer for violation of Sections 271(1)(c) and 270A of the Income Tax Act, 1961, the report said.
Life Insurance Corporation (LIC) on Tuesday said the Income Tax Department has demanded a penalty of Rs 84 crore covering three assessment years and the Corporation has decided to file an appeal against the order.
For assessment year 2012-13, the tax department has imposed a penalty of Rs 12.61 crore, for 2018-19 Rs 33.82 crore, while Rs 37.58 crore for assessment year 2019-20, LIC said in a regulatory filing.
A penalty has been imposed on a state-owned insurer for violating Sections 271(1)(c) and 270A of the Income Tax Act, 1961, the report said.
The notice was issued by the tax authorities on September 29, 2023, the report said.
Founded in 1956 with an initial capital of Rs 5 crore, LIC has an asset base of Rs 45.50 lakh crore with a life fund of Rs 40.81 lakh crore as on March 31, 2023.
First print: October 3, 2023 | 10:18 PM IST