Shares of New India Assurance Company Ltd rose by nearly 4% on Monday following the announcement of a favorable ruling by the Income Tax Department, which grants the company a substantial tax refund.
In a regulatory filing, the company disclosed that the Income Tax Department has issued orders for assessment years 2013-14 to 2019-20, resulting in a cumulative refund of Rs 1,945.08 crore, including Rs 489.22 crore as interest.
Key Details:
- The favorable ruling came after appeals to the Commissioner of Income Tax (Appeals).
- The refund includes amounts for seven assessment years, enhancing the company’s financial position significantly.
“We would like to inform that the Income Tax Department has passed various orders (giving effect to the Commissioner of Income Tax (Appeals) orders) ruling in favor of the company, thereby resulting in a cumulative refund of Rs 1,945.08 crore (including Rs 489.22 crore in interest),” New India Assurance stated in its filing.
As of 9:17 am the shares were trading 3.52% higher at ₹186.75 on NSE.