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 d
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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.
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