ICICI Lombard receives mixed ITAT order on tax appeals for multiple assessment years
ICICI Lombard received a partial ITAT order on tax appeals. It includes ₹ 89.66 crore tax relief but also an upheld disallowance of ₹ 14.87 crore, which the company plans to appeal.
The announcement carries a medium impact due to the substantial financial figures involved in the tax dispute (₹ 89.66 crore relief and ₹ 14.87 crore disallowance). While the company states 'No Impact at this stage,' the ongoing nature of the litigation and the potential future financial implications from the appeal process warrant a medium impact rating.
The ITAT order presents a mixed outcome for ICICI Lombard, with a significant tax relief of ₹ 89.66 crore for certain exemptions, balanced by an upheld disallowance of ₹ 14.87 crore. The company's intention to appeal the disallowance indicates an ongoing dispute, leading to a neutral sentiment rather than a clear positive or negative.
ICICI Lombard General Insurance Company Limited has provided an update regarding an Income-tax Appellate Tribunal (ITAT) order. This follows a previous letter dated March 27, 2025, concerning appeals filed by the Income-tax Department against a Combined Order by the Commissioner of Income Tax (Appeals) [CIT(A)]. The CIT(A) had granted relief on a total tax amount under dispute of ₹ 174.61 crore (17.46 billion rupees), of which the Income Tax Department appealed for ₹ 99.84 crore (9.98 billion rupees). * On October 8, 2025, the Company received communication that the ITAT Mumbai Bench "C" has partly allowed the appeal filed by the Income-tax Department for Assessment Years (AY) 2012-13, 2015-16, 2016-17, and 2017-18. * The ITAT order allowed exemptions under Section 10 of the Income Tax Act, 1961, for AY 2015-16, pertaining to interest income, dividend income, and profit on sale of investment. This resulted in a tax relief of ₹ 89.66 crore (8.96 billion rupees) in favor of the Company. * However, the ITAT upheld a disallowance of ₹ 14.87 crore (1.48 billion rupees) under Section 14A of the Act for AYs 2012-13, 2015-16, 2016-17, and 2017-18. * The total tax in dispute from the ITAT order is ₹ 14.87 crore (1.48 billion rupees). * The Company states there is "No Impact at this stage" regarding expected financial implications. * ICICI Lombard plans to pursue an appeal or evaluate other appropriate actions, including filing a writ petition, against the said order.
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 litigation updates. 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.