ICICI Lombard Refund ₹96.96 Cr Erroneously Adjusted

ICICI Lombard General Insurance Company Ltd has received an intimation from the Income Tax Department regarding the erroneous adjustment of a refund amount of ₹96,96,37,540 for AY 2025-26. This refund was adjusted against a demand arising from a reassessment order for AY 2015-16, despite previous favorable orders for the company. The company asserts that this adjustment was made without considering the favorable orders from the Commissioner of Income Tax (Appeals) and the Income-tax Appellate Tribunal. This situation arises from ongoing tax proceedings related to assessment years 2012-13, 2015-16, 2016-17, and 2017-18.