ICICI Prudential Life Insurance Company Limited to Appeal Income Tax Order
ICICI Prudential Life Insurance Company Limited announced on March 24, 2026, that it received an order under Section 143(3) of the Income Tax Act, 1961, from the Assistant Commissioner of Income Tax, Central Circle 6(2), Mumbai on March 23, 2026. The order pertains to Assessment Year 2024-25.The assessment order raises several issues, including the treatment of negative reserves as taxable surplus, the taxation of transfers from shareholder to policyholder accounts, disallowed exemptions under Section 10, and disallowances under Section 14A. The company noted that these issues have been addressed in previous rulings from the Courts, Income Tax Appellate Tribunal, and Commissioner of Income Tax(Appeals) in similar cases.
The financial implications of the order are estimated as follows:
| Item | Amount (₹) |
|---|---|
| Income Tax | 3,471,293,534 |
| Interest | 439,545,379 |
| Penalty | Nil |
| Total | 3,910,838,913 |
ICICI Prudential Life Insurance Company Limited stated that it will file an appeal against the order before the Commissioner of Income Tax(Appeals) within the prescribed timelines. The company indicated there is no immediate financial impact at this stage.
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