Care Health Insurance (Religare) Unlisted Shares
Religare Enterprises – Care Health Insurance Tax Liability Reduced to ₹45.16 Crore After Rectification Order
SCANX
2 min read
Expert Analysis:
Religare Enterprises disclosed that its subsidiary, Care Health Insurance (CHIL), received a Rectification Order under Section 154 of the Income Tax Act, 1961, correcting a technical computation error related to Assessment Year 2023–24.
Following the rectification, CHIL’s net tax liability has been reduced from ₹89.02 crore to ₹45.16 crore, significantly lowering the immediate financial impact on the insurer.
The rectification order was issued by the Deputy Commissioner of Income-Tax, Central Circle 6(2), Mumbai, and no penalty, restriction, or regulatory sanction has been imposed.
The revised order validates CHIL’s rectification application, indicating that the earlier demand involved a technical error in tax computation rather than compliance misconduct.
Despite the reduction in liability, CHIL’s appeal against additions made in the original assessment order remains pending, meaning the final tax exposure could still change depending on adjudication outcomes.
Since Care Health Insurance is a material subsidiary, the reduced liability is expected to provide relief to Religare Enterprises’ consolidated financial position and near-term cash flow visibility.
The rectification order provides a meaningful financial relief for Care Health Insurance and Religare Enterprises by substantially reducing the subsidiary’s tax liability, while also reinforcing that the dispute stemmed from a computational issue rather than regulatory non-compliance.
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