Quick Summary
ICICI Lombard General Insurance Co. has been served an income tax demand of ₹1,388.09 crore, including ₹321 crore in interest, by the Office of the Assistant Commissioner of Income-Tax, Mumbai. The tax notice pertains to the assessment year 2021-22. According to an exchange filing on the BSE, the demand arose from adjustments made by the assessing officer, which resulted in an increase in the company's taxable income. Key disallowances included: Marketing and advertisement expenses deemed
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience.
FAQ :
ICICI Lombard has been served an income tax demand of ₹1,388.09 crore, which includes ₹321 crore in interest.
The tax demand is for the assessment year 2021-22.
The demand arose from disallowances on marketing and advertisement expenses, provisions for claims (IBNR and IBNER), and non-deduction of TDS on specific expenses.
ICICI Lombard has stated that these disallowances are related to 'industry-wide issues' and plans to appeal the order or explore other legal options.
Following the announcement, ICICI Lombard's shares closed 0.97% lower on the NSE.
CAclubindia
