ICICI Lombard has provided a revised update regarding its disclosure on tax appeal orders from CESTAT, Mumbai. The company confirms that the appeals filed were allowed in its favor. This means previous disclosures of service tax demands, interest, and penalties for various financial years are now considered nullified, leading to the reduction of contingent liabilities. The revised disclosure clarifies that there are no financial implications from these specific appeal orders.
Revised Disclosure on Tax Appeals
ICICI Lombard General Insurance Company Limited has issued a revised intimation concerning tax appeals. Following the receipt of appeal orders from the Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Mumbai, the company confirms that its appeals have been allowed. This update pertains to the disclosure originally made on June 10, 2026.
Clarification on Financial Implications
The company has clarified details in Sr. No. 7 of Annexure 2 of its previous intimation. Earlier disclosures indicated potential financial implications such as a Service Tax demand of ₹547.84 Million and a penalty of the same amount for FY2008-09 to FY2011-12, FY2013-14 & FY2014-15. For FY2011-12, a Service Tax demand of ₹593.44 Million was also disclosed. However, in light of the favorable appeal orders, the revised disclosure states that there are no financial implications. Furthermore, the Company has reduced the corresponding contingent liabilities.
Correction on Penalty Amounts
A correction has also been made to Sr. No. 9 of Annexure 2. The previous intimation inadvertently included penalty amounts that formed part of the original tax demands, which have now been dropped. With the appeals allowed by CESTAT, Mumbai, the corresponding tax demand, interest, and penalty for FY2008-09 to FY2011-12, FY2013-14 & FY2014-15, and FY2011-12 have been set aside. The company has updated the disclosure to reflect that these amounts are now nullified.
Confirmation of No Further Changes
Apart from these specific corrections regarding Sr. No. 7 and Sr. No. 9, all other information provided in the intimation dated June 10, 2026, remains unchanged. This update is effective as of June 12, 2026.
Source: BSE
