ICICI Lombard Revises Disclosure on Tax Appeal Outcome

ICICI Lombard General Insurance Company Ltd has issued a revised intimation regarding tax appeal orders from CESTAT, Mumbai. The company's appeals for Service Tax demands for FY2008-09 to FY2011-12, FY2013-14 & FY2014-15, and FY2011-12 have been allowed. Previously disclosed as contingent liabilities, the tax demands, along with interest and penalties, have been set aside. This revision clarifies that there are no financial implications, and the company has reduced its corresponding contingent liabilities. The company also corrected an inadvertent inclusion of penalty amounts in a previous disclosure (Sr. No. 9 of Annexure 2).