I-T appellate tribunal rules in favour of HDFC Life in Rs 3K cr litigation

Mumbai, Nov 10, 2023

HDFC Life Insurance Company on Friday said that the Income Tax Appellate Tribunal, Mumbai, has passed an order in favour of the insurer in a litigation for the assessment years 2017-18 and 2018-19, for an amount worth Rs 3,319.60 crore.

In the regulatory filing, the company said that it has received the copy of the order along with relevant details on November 9, 2023.

The company added that the Tax Department can file an appeal on the order before the Bombay High Court, hinting at a possibility of further legal proceedings.

Recently, the second largest private sector life insurer had posted a net profit at Rs 376.77 crore during the quarter ended September 30, 2023, 15 per cent higher than Rs 326.24 crore posted in the same period of last year.

The Value of New Business (VNB) Margin saw a contraction to 26.4 per cent from 27.1 per cent recorded in the year-ago period due to a change in product mix and an increase in investment.

[The Business Standard]