New Delhi, Mar 20 (PTI) Public sector general insurer New India Assurance on Thursday said it has received a Rs 124.98 crore demand notice from the Income Tax Department.

The company received an order on March 19, 2025, from the National Faceless Assessment Centre, Income Tax Department, levying a penalty of Rs 1,24,98,58,050 for disallowance of payment made to auto dealers for the assessment year 2016-17, New India Assurance Company said in a regulatory filing.

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The amount would be shown as a contingent liability in the financial statements of the company, it said.

Based on the merits of the matter, the company would pursue an appeal before the National Faceless Appeal Centre (NFAC) or other legal options against the order, it said.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)