CESTAT Rules in Favour of ICICI Lombard; 2282.56 million Service Tax Dispute Resolved

ICICI Lombard General Insurance Company Limited has informed stock exchanges that it has received all final appeal orders from the Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Mumbai, confirming that the company’s appeals have been decided in its favour.

The dispute related to service tax demands raised by tax authorities for several financial years between FY 2008-09 and FY 2014-15. The allegations were mainly related to short reversal of Cenvat credit and denial of Cenvat credit on certain expenses. The company had earlier informed investors in January 2026 that CESTAT had allowed its appeals but the formal written orders were awaited. ICICI Lombard has now received all copies of the orders, the latest order being received on June 9, 2026.

The tax demands under dispute were Rs 1,095.68 million (including penalties) for FY 2008-09 to FY 2011-12, FY 2013-14 and FY 2014-15 and Rs 1,186.88 million (including penalties) for FY 2011-12. These demands included service tax, interest, and penalties.

The disputed demands have been set aside as CESTAT has ruled in favour of the company. Accordingly, the contingent liabilities of ICICI Lombard shall be reduced by the amount of the tax demands earlier disclosed in its financial statements.

The company said no further action is needed from its side and the matter stands resolved in its favour. The disclosure has been made under Regulation 30 of the SEBI Listing Regulations and has also been uploaded on the company’s website.