Key Quantitative Figures

The intimation from the Income Tax Department states that a refund amount of ₹ 96,96,37,540 (₹96.96 crore) for Assessment Year (AY) 2025-26 has been adjusted against a demand.

Dates of Action

  • January 10, 2025: Company previously informed exchanges of a favorable order from the Commissioner of Income Tax (Appeals) [CIT(A)] for AYs 2012-13, 2015-16, 2016-17, and 2017-18.
  • The Income Tax Department subsequently filed an appeal with the Income-tax Appellate Tribunal (ITAT).
  • October 9, 2025: Company informed exchanges of a combined order from ITAT for the same AYs, which partly allowed the department's appeal.
  • August 7, 2026, at 10:25 a.m.: Company received the Intimation under Section 245 of the Income Tax Act, 1961, from the Centralised Processing Center, Income Tax Department, Bengaluru.
  • August 8, 2026: This disclosure was made to the stock exchanges.

Parties Involved

  • Listed Entity: ICICI Lombard General Insurance Company Limited
  • Regulatory Authority: Centralised Processing Center, Income Tax Department, Bengaluru
  • Other Authorities Mentioned: Commissioner of Income Tax (Appeals) [CIT(A)], Income-tax Appellate Tribunal (ITAT), Assessing Officer
  • Company Representative: Vikas Mehra, Company Secretary

Purpose and Stated Rationale

The filing is a mandatory disclosure to update the status of ongoing tax litigation. The company's rationale is that the adjustment of the refund is "erroneous" as it does not consider the previous favorable orders from CIT(A) and the ITAT order that only partly allowed the department's appeal.

Financial and Operational Impact

As per the disclosure in Annexure 2 (point 7), the company explicitly states: "There is no material financial implication at this stage."

Capital Structure and Cash Flow Implications

No direct impact on capital structure is mentioned. The adjustment represents a cash outflow of ₹96.96 crore that was otherwise expected as a refund inflow.

Forward-Looking Actions

The company states it "would pursue appropriate actions including filing of appeal/writ petitions" to challenge the intimation and adjustment.

Material Changes Compared to Previous Disclosures

This update follows previous disclosures on the same tax matter for AYs 2012-13, 2015-16, 2016-17, and 2017-18. The new development is the receipt of the Section 245 intimation and the actual adjustment of the refund.