Go Digit General Insurance Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
GODIGIT · price
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Go Digit General Insurance has received an income tax order from the Office of the Assistant Commissioner of Income-Tax, Central Circle 6(2), Mumbai dated 25th March 2026, raising a demand of Rs. 3,84,43,19,480 (approximately Rs. 384.43 crore), including interest of Rs. 1,00,38,89,700 (about Rs. 100.39 crore) under section 234B of the Income Tax Act, for Assessment Year 2023-24. The disallowances primarily relate to industry-wide issues, including disallowance of IBNR/IBNER claim provisions, and TDS-related disallowances under Section 40(a)(ia) and 40(a)(i) on reinsurance premiums paid to non-resident insurers. The company stated there is no immediate financial impact and is evaluating legal options to appeal the order before appellate authorities.
While the tax demand is sizeable at over Rs. 384 crore, the company has indicated no immediate financial impact and plans to appeal, noting the disallowances are industry-wide in nature. The stock may see some short-term pressure, but the final outcome depends on the appeal process.