LIC involved in disputed tax claims of ₹75k cr

Mumbai:

Life Insurance Corporation

(

LIC

) is facing disputed tax claims of Rs 74,894 crore under litigations, which is close to the amount that the corporation is widely expected to raise through an initial public offering (IPO) in the next few weeks. At the same time, the corporation has initiated 227 legal proceedings for recoveries of amounts up to Rs 14,455 crore, which includes defaulting companies.The corporation has said in its offer document that it is facing 63 tax proceedings where the total amount involved is Rs 74,894 crore. Of this, income tax claims are Rs 72,762 crore, and indirect tax claims amount to Rs 2,132 crore. Bulk of the claims are differences with the income tax (I-T) department over the years on the actual income of the corporation. tnn