ICICI Lombard announces that its appeals filed with the Central Excise and Service Tax Appellate Tribunal, Mumbai (CESTAT), have been allowed. The appeals relate to demands raised against the company, aggregating to ₹1,095.68 Million and ₹1,186.88 Million, including penalty amount for financial years 2008-09 to 2011-12 and 2013-14 & 2014-15 and FY2011-12, respectively. Official appeal orders are awaited.
Favorable Outcome in Tax Appeals
ICICI Lombard has received a positive outcome regarding its appeals filed with the Central Excise and Service Tax Appellate Tribunal (CESTAT) in Mumbai. The tribunal has allowed the company’s appeals related to demands raised by the authorities.
Details of the Appeals
The appeals concern demands raised against ICICI Lombard for amounts aggregating to ₹1,095.68 Million, which includes penalties, for the period spanning from FY2008-09 to FY2011-12, FY2013-14 and FY2014-15. Another appeal was for ₹1,186.88 Million including penalty amount for FY2011-12.
Next Steps
The company is currently awaiting the official appeal orders. More information will be provided once the orders are received and reviewed.
Source: BSE
