Highlights
- ICICI Lombard General Insurance Company Limited has received a favorable order from the Commissioner of Income Tax (Appeals) – 54, Mumbai, providing relief on several appeals for Assessment Years 2012-13, 2015-16, 2016-17, and 2017-18.
- The total tax in dispute on which relief is granted in the combined order amounts to ₹ 174,61,51,061.
ICICI Lombard General Insurance Company Limited announced that it has received a favorable order from the Commissioner of Income Tax (Appeals) – 54, Mumbai [CIT(A)], providing relief on several appeals for Assessment Years (AY) 2012-13, 2015-16, 2016-17, and 2017-18.
According to the company’s exchange filing, the CIT(A) has allowed all substantive grounds raised in the appeals filed by the Company against the assessment order passed under Section 143(3) of the Act for AY2016-17 and AY2017-18 and re-assessment order passed under Section 143(3) read with Section 147 of the Act for AY2012-13 and AY2015-16, respectively,
For AY2015-16 exemptions, the appeals were allowed on the grounds of the Company’s interest income claimed under Section 10(15) of the Act; Dividend income claimed under Section 10(34/35) of the Act; and profit on the sale of investment claimed exempt under section 10(38) of the Act.
For AY2012-13, AY2015-16, AY2016-17, and AY2017-18, CIT(A) has held that the provisions of Section 14A of the Act are not applicable in the case of a General Insurance Company.
The total tax in dispute on which relief is granted in the Combined Order is ₹ 174,61,51,061/-.
