ICICI Lombard General Insurance Company Ltd receives demand notice from IT for Rs. 13,787,777,050

ICICI Lombard General Insurance Company Limited has received an Order under Section 143(3) read with Section 147 of the Income-tax Act, 1961 ("the Act") on March 31, 2025 at 3:37 p.m., from the Office of the Deputy Commissioner of Income-Tax, Central Circle 5(3), Mumbai, raising an Income-tax demand of ₹ 13,787,777,050/- (including interest of ₹ 3,478,363,857/- under section 234B and ₹ 399,498,499/- under section 234C of the Act) for the Assessment Year (AY) 2021-22.

Based on the advice of its tax advisors, the Company would pursue an appeal with Appellate Authorities/ evaluate other legal options against the said Order including filing a Writ Petition.

The Company will also evaluate and make appropriate disclosure in its financial statements, if required.

Shares of ICICI Lombard General Insurance Company Limited was last trading in BSE at Rs. 1792.10 as compared to the previous close of Rs. 1794.05. The total number of shares traded during the day was 4874 in over 1385 trades.

The stock hit an intraday high of Rs. 1805.00 and intraday low of 1775.50. The net turnover during the day was Rs. 8737110.00.

Source : Equity Bulls

Keywords

ICICILombardGeneralInsuranceCompany INE765G01017 ITDepartment DemandNotice