ICICI Lombard Revises Disclosure on Tax Appeals; No Financial Implication
ICICI Lombard received favorable appeal orders from CESTAT, Mumbai, concerning Service Tax demands and penalties for FY2008-15. The company has revised its disclosure, confirming no financial implications and a reduction in contingent liabilities. Previously disclosed tax demands, interest, and penalties have been set aside.
The announcement clarifies a past disclosure regarding tax appeals. While favorable, it pertains to historical matters and does not involve new business, financial performance, or strategic shifts, thus having a low impact.
The company received favorable orders from the tax tribunal, leading to no financial implications and a reduction in contingent liabilities, which is a positive outcome.
ICICI Lombard General Insurance Company Limited has issued a revised intimation regarding appeal orders received from the Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Mumbai. These orders confirm that appeals filed by the company have been allowed in its favor.
The company clarified details concerning Sr. No. 7 of Annexure 2 to its previous intimation dated June 10, 2026. For the financial years FY2008-09 to FY2011-12, FY2013-14 & FY2014-15, the earlier disclosure mentioned a Service Tax demand of ₹547.84 million and a penalty of ₹547.84 million. For FY2011-12, a Service Tax demand of ₹593.44 million and a penalty of ₹593.44 million were also disclosed. The revised disclosure states that there are no financial implications pursuant to the receipt of these appeal orders, and the company has reduced corresponding contingent liabilities.
Furthermore, details under Sr. No. 9 of Annexure 2 were inadvertently corrected. The penalty amounts that formed part of the original tax demands under appeal have been dropped. As the appeals have been allowed by CESTAT, Mumbai, the corresponding tax demand, interest, and penalty have been set aside. Therefore, Sr. No. 9 now states that the penalties for the mentioned financial years have been set aside pursuant to the orders passed by CESTAT, Mumbai.
All other information provided in the intimation dated June 10, 2026, remains unchanged. The updated information will also be available on the company's website, www.icicilombard.com.
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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 low impact, the band that almost never moves a portfolio on its own.
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