ICICI Lombard has received a communication regarding a Combined Order passed by the Income Tax Appellate Tribunal (ITAT) Mumbai. The ITAT partly allowed an appeal related to Assessment Years 2012-13, 2015-16, 2016-17, and 2017-18. The total tax in dispute from the ITAT order amounts to ₹14,87,12,894. The company is evaluating further actions, including a potential appeal.
ITAT Order Received
ICICI Lombard has announced the receipt of an order concerning appeals related to income tax for multiple assessment years. The Income Tax Appellate Tribunal (ITAT) in Mumbai issued a Combined Order partly allowing the appeal. The communication from their tax advisors was received on October 8, 2025, at 11:11 a.m.
Assessment Years Impacted
The ITAT order impacts the following Assessment Years: 2012-13, 2015-16, 2016-17, and 2017-18. The original dispute centered around the Combined Order passed by the Commissioner of Income Tax (Appeals) [CIT(A)]-54, Mumbai.
Key Details of the Order
The ITAT order has implications regarding exemptions claimed under Section 10 of the Income Tax Act, 1961. Specifically, the ITAT has allowed exemptions subject to disallowance under Section 14A of the Act.
Exemptions Allowed
The exemptions allowed pertain to Assessment Year 2015-16 and include:
- Interest income claimed under Section 10(15) of the Act.
- Dividend income claimed under Section 10(34/35) of the Act.
- Profit on sale of investment claimed exempt under Section 10(38) of the Act.
The total tax relief due to these exemptions is ₹89,66,12,687.
Disallowance Upheld
The ITAT order has upheld the disallowance on account of the provisions of Section 14A of the Act for Assessment Years 2012-13, 2015-16, 2016-17, and 2017-18. This disallowance amounts to ₹14,87,12,894.
Financial Impact & Next Steps
The total tax in dispute from the ITAT order comes to ₹14,87,12,894. ICICI Lombard is currently evaluating its options, including the possibility of pursuing an appeal or other appropriate actions against the ITAT order. This may include filing a writ petition.
Source: BSE
