The Centre aims to list state-run insurance behemoth LIC by the last quarter of the current financial year and merchant bankers for the transaction would be appointed soon, a top official said on Tuesday. "We are looking at the fourth quarter and work on several fronts is progressing for the IPO, "Tuhin Kanta Pandey, secretary department of investment and public asset management (Dipam) told TOI. Last week, the Union Cabinet approved the IPO of LIC, which is set to be the biggest and several estimates suggest that it could raise Rs. 90,000 crore to Rs. 1 lakh crore, handing over much-needed revenue to the government against the backdrop of the Covid pandemic Pandey saisd the panel headed by FM Nirmala Sitharaman will decide on the exact quantum of shares sale. He said the department of financial services was working on fulfilling other requirements for the IPO. The LIC Act of 1956 has been amended and Pandey said the rules have been notified. He said the draft prospectus for the IPO woould also be filed soon. The Dipam secretary said discussions with the stock market regulator was on forcomplying with other requirements for the IPO. The Delhi high court has recognised the troubles taxpayers face due to the non-functioning of the new income tax e-portal. The HC set aside an assessment ofer that had raised a significant demand on a taxpayer, a private company, which was unable to respond to the show-cause-notice within the given time frame (from a Friday evening on June 11 when  notice was served to 11am on following Monday) since it could not upload the required documentsand explanatory statements. The HC has asked the income tax officer to continue the proceedings afresh in the case of one Mobikwik Systems, which had filed the writpetition seeking relief. The assessment will resume from the state of issue of the show-cause notice. Owing to remedial measures taken by Infosys, the service providerof the e-portal, domestic taxpayers are now able to upload the required financial statements and other documentation in response to a show-cause notice, but non-residents continue to face issues.
