ICICI Lombard CESTAT Appeal Win Removes ₹1,141M Liability

Key Quantitative Figures

The disclosure concerns the resolution of service tax demands for multiple financial years:

For FY2008-09 to FY2011-12, FY2013-14 & FY2014-15:

• Original Service Tax demand: ₹547.84 Million
• Interest as per section 75 of Finance Act, 1994
• Penalty: ₹547.84 Million

For FY2011-12 (additional):

• Service Tax demand: ₹593.44 Million
• Interest as per section 75 of Finance Act, 1994
• Penalty: ₹593.44 Million

Total Demand Impact: ₹1,141.28 Million in principal tax demands plus equivalent penalties and applicable interest.

Regulatory Context and Outcome

The CESTAT, Mumbai allowed the appeals filed by the company. Consequently:

• All corresponding tax demands, interest, and penalties have been set aside
• The company confirms there are no financial implications pursuant to receipt of the appeal orders
• The company has reduced corresponding contingent liabilities that were previously disclosed in its financial statements

Revision Details

The revision specifically corrects two sections of Annexure 2 from the original June 10, 2026 disclosure:

Sr. No. 7 Revision:

• Earlier Disclosure: Detailed the expected financial implications including specific demand amounts
• Revised Disclosure: Confirms no financial implications and reduction of contingent liabilities

Sr. No. 9 Revision:

• Earlier Disclosure: Included penalty amounts of ₹547.84 Million and ₹593.44 Million
• Revised Disclosure: Clarifies that all corresponding tax demand, interest, and penalty have been set aside by CESTAT

Additional Information

The company confirms that all other information in the original June 10, 2026 intimation remains unchanged. This information will be made available on the company's website at www.icicilombard.com.