New India Assurance Wins Rs. 672 Crore Income Tax Appeal Deletion

Mumbai, 27th February 2026: The New India Assurance Company Ltd. (NIACL), a Government of India undertaking, has received a favorable order from the National Faceless Appeal Centre (NFAC), Delhi. The order relates to the assessment year 2022-23, under which a demand of Rs. 6,72,36,15,635 (approximately Rs. 672 crore) raised by the Income Tax Department has been fully deleted.

The decision from NFAC comes under Section 250 of the Income Tax Act, 1961, and is considered a significant win for the company, removing a substantial tax liability. The order was received by the company on 27th February 2026.

This update has been disclosed to the BSE (Scrip Code: 540769) and the NSE (Symbol: NIACL) in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Abhishek Pagaria, Company Secretary of NIACL, confirmed that the deletion of the tax demand will positively impact the company’s financial position and ensures compliance with all regulatory requirements for disclosure to stock exchanges.