NFAC Order Deletes ₹672 Crore Tax Demand for New India Assurance (AY23)

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New India Assurance Wins Big: ₹672 Crore Tax Demand Deleted by NFAC

New India Assurance Wins Big: ₹672 Crore Tax Demand Deleted by NFAC

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CNBC TV18•27-02-2026, 22:19

New India Assurance Wins Big: ₹672 Crore Tax Demand Deleted by NFAC

•New India Assurance received a favorable order from the National Faceless Appeal Centre (NFAC), Delhi.
•The order deletes an income tax demand of ₹672.36 crore for Assessment Year 2022-23.
•Previously, the company faced a tax demand of ₹2,379.13 crore for alleged non-payment of tax on coinsurance premiums and reinsurance commissions.
•New India Assurance maintains that the issue is industry-wide and believes it has a strong case to contest the demand.
•The company's shares closed down by 1.27% on the BSE.

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