ICICI Lombard Receives Intimation Regarding Income Tax Adjustment for AY 2015-16
ICICI Lombard General Insurance Company Limited has received an intimation from the Centralised Processing Center, Income Tax Department, Bengaluru, detailing how a refund amount was adjusted against a demand related to a reassessment order.The company confirmed that it received this communication on August 7, 2026, under Section 245 of the Income Tax Act, 1961. The intimation specifically relates to the adjustment of a refund amount for Assessment Year (AY) 2025-26 against a demand that arose from the reassessment order issued by the Assessing Officer for AY 2015-16 under Section 147 of the Income Tax Act, 1961.
According to the details provided in the intimation, the refund amount amounting to ₹ 96,96,37,540 was adjusted against the demand. ICICI Lombard noted that this adjustment process appears erroneous and does not take into account the company's previous successful appeals concerning assessments for AY 2012-13, AY 2015-16, AY 2016-17, and AY 2017-18.
The company stated that it intends to pursue appropriate legal actions regarding this matter, which includes filing appeals or writ petitions. The intimation indicated no material financial implication at this stage from the perspective of the communication itself.
ICICIGI Stock Price Movement
Shares of ICICI Lombard General Insurance Company Limited slipped on Friday, closing at ₹1639 after shedding 1.15% from the previous close. The stock traded during the session with a volume of 395,441 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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