ICICI Lombard Receives Intimation on Tax Refund Adjustment for AY 2015-16
ICICI Lombard received an intimation regarding the erroneous adjustment of a ₹96.96 crore tax refund for AY 2025-26 against a demand for AY 2015-16. The company disputes this adjustment, citing prior favorable orders, and plans legal action.
The adjustment of a significant tax refund amount, even if considered erroneous by the company, can have a short-term impact on liquidity and requires legal recourse, thus warranting a medium impact assessment.
The company has received an intimation about an erroneous tax refund adjustment, which is a negative development. While the company plans to take legal action, the immediate impact is negative.
ICICI Lombard General Insurance Company Limited has received an intimation from the Centralised Processing Center, Income Tax Department, Bengaluru, on August 7, 2026. The intimation states that a refund amount of ₹96,96,37,540 for Assessment Year (AY) 2025-26 has been erroneously adjusted against a demand arising from a reassessment order passed by the Assessing Officer for AY 2015-16.
This adjustment was made without considering favorable orders previously passed by the Commissioner of Income Tax (Appeals) and the Income-tax Appellate Tribunal (ITAT) for AY 2012-13, AY 2015-16, AY 2016-17, and AY 2017-18. The company believes this adjustment is erroneous and intends to pursue appropriate legal actions, including filing appeals or writ petitions.
What to do with a filing like this
ICICI Lombard General Insurance Company Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by ICICI Lombard General Insurance Company Limited. Read the original for the full detail.