New India Assurance faces ₹4.27 Cr Income Tax penalty for AY17-18

The New India Assurance Company Ltd has received a penalty order from the Income Tax Department's Assessment Unit, demanding ₹4,27,30,843 for the Assessment Year 2017-18. The penalty was levied under section 27OA of the Income Tax Act, 1961. The company received the order on June 11, 2026. This amount will be recorded as a contingent liability in the financial statements. The company intends to appeal the order before the National Faceless Appeal Center (NFAC) or explore other legal avenues.