Legal24 Mar 2026, 07:01 pm
ICICI Prudential Life Insurance Receives Income Tax Act Order for AY2024-25 with ₹ 3,910,838,913 Total Financial Implication
AI Summary
ICICI Prudential Life Insurance Company Ltd. has received an order under Section 143(3) of the Income Tax Act, 1961 from the Assistant Commissioner of Income Tax, Central Circle 6(2), Mumbai for Assessment Year 2024-25 (AY2024-25). The order includes a total financial implication of ₹ 3,910,838,913, consisting of ₹ 3,471,293,534 in income tax and ₹ 439,545,379 in interest. The company will file an appeal against the order before the Commissioner of Income Tax(Appeals) within the prescribed timelines. The issues raised in the assessment order are mostly covered by orders of the Courts, Income Tax Appellate Tribunal, Mumbai and Commissioner of Income tax (Appeals) in the company's own case for earlier years.
Key Highlights
- ICICI Prudential Life Insurance received an order under Section 143(3) of the Income Tax Act, 1961 for AY2024-25
- Total financial implication of ₹ 3,910,838,913, including ₹ 3,471,293,534 in income tax and ₹ 439,545,379 in interest
- The company will file an appeal against the order before the Commissioner of Income Tax(Appeals) within the prescribed timelines
- Most issues raised in the assessment order are covered by orders of the Courts, Income Tax Appellate Tribunal, Mumbai and Commissioner of Income tax (Appeals) in the company's own case for earlier years
- No penalty or restriction or sanction imposed pursuant to the communication