Background and Update
This filing updates the company's previous intimation dated January 12, 2026, regarding appeals filed against service tax demands. The company has now received copies of all appeal orders from the Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Mumbai, with the latest order received on June 9, 2026, at 3:55 p.m. All appeals have been allowed in favor of the company.
Details of Tax Demands
The appeals concerned service tax demands raised on two grounds:
1. Short reversal of Cenvat Credit under Finance Act 1994 for periods FY2008-09 to FY2011-12, FY2013-14 & FY2014-15 amounting to ₹1,095.68 million (including penalty)
2. Denial of Cenvat credit on certain expenses for FY2011-12 amounting to ₹1,186.88 million (including penalty)
Financial Implications Breakdown
For FY2008-09 to FY2011-12, FY2013-14 & FY2014-15:
- Service Tax demand: ₹547.84 million
- Interest under section 75 of Finance Act, 1994
- Penalty: ₹547.84 million
For FY2011-12:
- Service Tax demand: ₹593.44 million
- Interest under section 75 of Finance Act, 1994
- Penalty: ₹593.44 million
Impact on Financial Position
The company had previously disclosed these tax demands (including interest and penalty) as contingent liabilities in its financial statements. With the favorable CESTAT ruling, the contingent liability has been reduced to the extent of the demand set aside.
Additional Information
The information will be made available on the company's website at www.icicilombard.com. The communication was received from CESTAT, Mumbai, and applies to periods FY2008-09 to FY2011-12, FY2013-14 & FY2014-15.
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