New India Assurance Fined ₹4.27 Crore by Income Tax Dept for AY 2017-18
New India Assurance received a penalty order from the Income Tax Department for AY 2017-18, amounting to ₹4.27 crore. The company plans to appeal this order and will show it as a contingent liability.
The penalty amount of ₹4.27 crore is significant and will be recorded as a contingent liability, potentially impacting future financial statements. However, the company plans to appeal, which could mitigate the impact.
The company has received a penalty order from the Income Tax Department, which has a negative financial implication.
The New India Assurance Company Limited (NIACL) has disclosed a material issue regarding a penalty order received from the Assessment Unit, Income Tax Department. The company has been levied a penalty of ₹4,27,30,843 for the Assessment Year (AY) 2017-18.
This penalty order was received by the company under Section 270A of the Income Tax Act, 1961, on 11th June 2026 at 23:49 hrs. The company intends to contest this order and will pursue an appeal before the National Faceless Appeal Center (NFAC) or explore other legal options.
The financial impact of this penalty is quantified at ₹4,27,30,843, and it will be reflected as a contingent liability in the company's financial statements.
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The New India Assurance Company Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by The New India Assurance Company Limited. Read the original for the full detail.