Income Tax appellate tribunal rules in favor of HDFC Life in ₹3,320 crore litigation

The Income Tax Appellate Tribunal, Mumbai, has ruled in favor of HDFC Life Insurance Company in a litigation concerning the assessment years 2017-18 and 2018-19, involving an amount of ₹3,319.60 crore. The company, in a regulatory filing, stated that it received the copy of the order along with relevant details on November 9, 2023.

In August 2023, HDFC Life filed an intimation, disclosing the details of the pending litigation (s) or dispute(s), in accordance with the requirements of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company noted that the said order is appealable before the Bombay High Court by the Tax Department. This indicates that the legal proceedings may continue, pending a potential appeal by the Tax Department.