PB Fintech, the parent company of the renowned insurance platform Policybazaar, has been granted a tax exemption of ₹166.12 crore for the financial year 2015-16. This exemption overturns an earlier decision made by the Commissioner of Income Tax (Appeals) [CIT(A)].

Company Order Story 

The company recently received an order from the Assistant Registrar of the Income Tax Appellate Tribunal (ITAT), New Delhi. The order, dated December 31, upheld all grounds of the appeal filed by PB Fintech against the CIT(A)'s earlier ruling. In an exchange filing, PB Fintech confirmed the development and said that, "We wish to say that PB Fintech received an order from the Assistant Registrar, ITAT, New Delhi, on January 2, 2025, for the order dated 2024 December 31."

The exemption marks a significant relief for PB Fintech, which had contested the initial decision of the CIT(A). ITAT's order provides the company with a favorable resolution, eliminating the imposed tax burden for the specified fiscal year.

Importance Of Appellate Procedures

This decision underscores the importance of appellate procedures in resolving tax disputes and provides a boost to PB Fintech's financial standing. With this exemption, the company can focus on its core operations, including expanding its presence in the fintech and insurance sectors.

Policybazaar continues to be a key player in the insurance marketplace, and this tax relief further strengthens its position in the industry. The decision also highlights the robust legal framework in place for addressing corporate tax disputes in India.

Parent Company PB Fintech

PB Fintech, the parent company of popular insurance platform Policybazaar, has received a tax exemption of ₹166.12 crore for the financial year 2015-2016. This exemption has the power to overturn the decision taken by the Commissioner of Income Tax (Appeals) [CIT (A)]. The company recently received an order from the Assistant Registrar of Income Tax Appellate Tribunal (ITAT) New Delhi.