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ICICI Lombard Gets Rs 1,388-Crore Income Tax Demand

The company has decided to pursuse an appeal with appellate authorities or evaluate other legal options, according to the counsel of their tax advisers.

Prajwal Jayaraj

The total income tax demand was for the amount of Rs 1,388.09 crore which includes an interest of Rs 321 crore. (Source: Envato)

ICICI Lombard General Insurance Co. received an income tax demand of Rs 1,388 crore on Thursday from the Office of the Assistant Commissioner of Income-Tax, Mumbai, according to an exchange filing on BSE.

"These disallowances primarily relate to industry-wide issues," the filing said.

The company has decided to pursue an appeal with the appellate authorities or evaluate other legal options, according to the counsel of their tax advisers.

Shares of ICICI Lombard General Insurance Company closed 0.97% lower at Rs 2,238.15 apiece on the NSE, compared to a 0.14% decline in the NSE Nifty 50.

Also Read: ICICI Lombard In Focus | Ask Profit | NDTV Profit

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Prajwal Jayaraj
Prajwal Jayaraj covers business news for NDTV Profit. He holds a postgradua... more
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