New India Assurance Company set to get ₹1,945.08 cr. following I-T Dept. orders

The New India Assurance Company stands to get ₹1,945.08 crore refund, including interest of ₹489.22 crore, with the Income Tax Department passing orders giving effect to the Commissioner of Income Tax (Appeals) orders pertaining to several assesssment years.

The Department orders give effect to the Commissioner of Income Tax (Appeals) orders for assessment years 2013-14, 2014-15, 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 ruling in favour of the company thereby resulting in cumulative refund of ₹1,945.08 crore, which includes total interest of ₹489.22 crore, the State-owned insurer said in a filing on Monday.

The company is pursuing with the Income Tax authorities to release the amounts at the earliest, it said.