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“Please be informed that the company has received an order under 143(3) of the Income Tax Act, 1961 from the office of Assistant Commissioner of Income Tax, Mumbai on September 27, 2024, at 1.21 p.m.,” the company said in a stock exchange filing.
The order, issued by the Assistant Commissioner of Income Tax, Mumbai, on September 27, 2024, pertains to various disallowances and reclassifications of income.
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The tax authority’s key concerns involve the treatment of negative reserves, transfer of funds between shareholders and policyholders, disallowance of exemptions under Section 10, and other adjustments.
ICICI Prudential plans to appeal the decision, citing past rulings in its favour from courts and tribunals on similar issues. The appeal will be filed before the Commissioner of Income Tax (Appeals).
“The company shall file an appeal against the said order before the Commissioner (Appeals) within the prescribed timelines,” it said.
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Last month, ICICI Prudential Life Insurance Company said it had received a tax demand of ₹429.05 crore from the Deputy Commissioner of State Tax, Maharashtra.
“Please be informed that the company has received an order under Section 73 of Maharashtra GST Act, 2017 from Deputy Commissioner of State Tax, Maharashtra State, on August 26, 2024, at 8:19 p.m. for FY2020 (sic),” a stock exchange filing read.
The demand includes ₹208.02 crore in Goods and Services Tax (GST), ₹200.22 crore in interest, and ₹20.80 crore in penalties. The order, issued under Section 73 of the Maharashtra GST Act, 2017, was communicated to the company on August 26, 2024.
The tax demand stems from several alleged violations, including the reversal of input tax credit, discrepancies in ITC/credit notes between various GST returns (GSTR 3B, GSTR 9, and GSTR 2A), and non-payment of tax on certain outward supplies.
In response to the order, ICICI Prudential Life Insurance said it will file an appeal. “Please further note that the company shall file an appeal against the said order before the Commissioner (Appeals) within the prescribed timelines,” it said.
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Shares of ICICI Prudential Life Insurance Company Ltd ended at ₹790.65, up by ₹7.55, or 0.96%, on the BSE.
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