ICICI Lombard Wins Tax Appeals, CESTAT Allows All Orders
ICICI Lombard has won all its appeals against tax demands totaling ₹228.26 crore (₹109.57 crore + ₹118.69 crore) for fiscal years 2008-09 to 2014-15. The CESTAT has allowed the company's appeals, reducing its contingent liabilities.
The favorable resolution of tax disputes totaling over ₹228 crore, previously disclosed as contingent liabilities, has a material financial impact on the company.
The company has received favorable orders from CESTAT, allowing its appeals against tax demands, which is a positive outcome and reduces its contingent liabilities.
ICICI Lombard General Insurance Company Limited has received copies of all appeal orders from the Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Mumbai, confirming that appeals filed by the company have been allowed in its favor. The latest order was received on June 9, 2026, at 3:55 p.m.
These appeals were against demands aggregating to ₹109.57 crore (1095.68 Million) including penalty for FY2008-09 to FY2011-12, FY2013-14 & FY2014-15, and ₹118.69 crore (1186.88 Million) including penalty for FY2011-12.
The orders under appeal were based on grounds of short reversal of Cenvat Credit under the Finance Act 1994 and denial of Cenvat credit on certain expenses. The company had previously disclosed these demands, including interest and penalty, as contingent liabilities in its financial statements. Consequently, the contingent liability has been reduced to the extent of the demand set aside by the CESTAT orders.
The company has informed the stock exchanges about this development, as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The information will also be available on the company's website.
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