General Insurance Corporation of India Receives Notice of Demand for Assessment Year 2023-24
General Insurance Corporation of India (GIC Re), a Government of India Company, has received a Notice of demand from the Assessment Unit, Income Tax Department. The notice pertains to matters related to the assessment year 2023-24, determining a payable sum of Rs. 350.47 Crores.The Corporation plans to address the matter by pursuing an appeal before the National Faceless Appeal Centre (NFAC) or exploring other available legal options against the said notice, based on the merits of the case.
The details concerning the demand and the tax authority are provided in the following table:
| Sr. | Particular | Details |
|---|---|---|
| 1. | Name of Authority | Income Tax Department, Mumbai |
| 2. | Nature and details of the action(s) taken or order(s) passed. | Assessment order under section 143(3) & Notice of demand under section 156 of Income Tax Act 1961, amounting to Rs. 3,50,47,88,210/- for Assessment Year 2023-24 |
| 3. | Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the Authority. | 10th April 2026 |
| 4. | Details of the violations / contraventions committed alleged to be committed. | Additions on following grounds: TP additions of Rs 88.84 crore, disallowance of 14A expenses of Rs. 2.70 crore, payment made to unregistered GST entities of Rs 565.01 crore amortization of premium of investment of Rs 52.81 crore, provision for doubtful debts of Rs 329.48 crore. |
| 5. | Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible. | NIL impact, Corporation intends to pursue matter at the National Faceless Appeal Centre (NFAC) after consulting the direct tax consultants within 30 days. |
The Notice of demand, amounting to Rs. 3,50,47,88,210/-, was received on April 10, 2026. The additions cited include TP additions of Rs 88.84 crore, disallowance of 14A expenses of Rs. 2.70 crore, payment made to unregistered GST entities of Rs 565.01 crore, amortization of premium of investment of Rs 52.81 crore, and provision for doubtful debts of Rs 329.48 crore.
The Corporation stated that the impact of this matter on its financial or operational activities is NIL, as it intends to pursue the matter at the National Faceless Appeal Centre (NFAC) after consulting direct tax consultants within 30 days.
GICRE Stock Price Movement
General Insurance Corporation of India shares edged higher on Friday, settling at ₹397.6 after gaining 2.04%. The stock found support on volume of 2.93 million shares, finishing the day significantly above its previous close of ₹389.05.Source:
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