The Bombay High Court has overturned an earlier ruling that had upheld a tax demand of Rs 1,902 crore from ICICI Lombard General Insurance Co., according to an exchange filing on Thursday.
The demand for the goods and services tax for the period July 2017 to March 2022 was initially confirmed and a penalty of Rs 172 crore was to be levied.
The court noted that the GST Council had already looked into this matter and issued official circulars about it.
Due to this, the high court sent the case back to the adjudicating authority, instructing them to re-hear the case while considering the GST Council's decision and its circulars.
The company said that there was no impact on financial implications for the firm at this stage from these developments.
Shares of ICICI Lombard General Insurance closed 0.5% lower at Rs 2,034.1 apiece on the NSE, compared to a 0.19% fall in the benchmark Nifty. The stock had risen 9.76% in the last 12 months and 13.78% on a year-to-date basis.
Out of 29 analysts tracking the company, 20 have a 'buy' rating on the stock, seven recommend 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 2.5%
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