ICICI Lombard receives favorable order in tax litigation, quashing ₹7.7 crores demand

In a recent development, ICICI Lombard General Insurance Company Limited announced that it has received favorable orders from the Special Commissioner, Appellate Authority-III, State Tax, Jaipur, dated October 12, 2023.

 The orders effectively quash a demand of ₹7.7 crores, which includes interest and penalties, pertaining to the financial years 2017-18, 2018-19, and 2019-20.

The company had earlier disclosed details of ongoing tax litigations in an intimation dated August 14, 2023. The favorable outcome marks a significant development in resolving these litigations.

This positive development is expected to have a favorable impact on the company's financial standing and operations.