Top Searches
Advertisement

Tax Tempest Tamed: ICICI Lombard Wins Big as Delhi HC Quashes ₹150 Cr GST Demand

Updated: July 03, 2025 16:35

Image Source: Mint
In a major legal win for ICICI Lombard General Insurance, the Delhi High Court has overturned a ₹150 crore GST demand order issued by the Department of Trade and Taxes for FY 2019–20. The court found procedural lapses and directed the adjudicating authority to reassess the case afresh, considering the insurer’s original response to the show-cause notice.
 
Key Highlights:
  • Quashed Demand: The court nullified a GST claim of ₹149.55 crore, interest of ₹124.34 crore, and penalties of ₹14.95 crore, citing flawed assessment procedures.
  • Core Dispute: The case revolved around discrepancies in Input Tax Credit (ITC) claims and mismatches between monthly and annual GST returns.
  • Judicial Rebuke: The bench criticized the tax officer’s “template-style” dismissal of ICICI’s objections, calling it a clear non-application of mind.
  • Industry Impact: The ruling could set a precedent for other insurers facing similar GST scrutiny, especially regarding ITC reconciliation and procedural fairness.
  • Investor Sentiment: The verdict is expected to boost ICICI Lombard’s financial outlook and investor confidence, potentially easing pressure on its stock performance.
  • Next Steps: Authorities have been instructed to reinitiate proceedings, keeping all legal rights and contentions open.
This decision not only relieves ICICI Lombard of a significant financial burden but also signals a shift toward more rigorous judicial oversight in tax adjudication across India’s insurance sector.
 
Source: Legal Era, RupeeWise, Economic Times LegalWorld

Advertisement

STORIES YOU MAY LIKE

Image Source: Centre for Public Policy Research
BRICS to Launch $10B Guarantee Fund—New Development Bank to Power Investment Surge in Member States
Image Source: The Economic Times
Torrent Pharma Ups Stake in JB Chemicals with ₹6.2 Bn Deal—Strengthens Strategic Hold
Image Source: Indian Chemical News
Godavari Biorefineries Secures European Patent for Breakthrough Anticancer Molecule
Advertisement
Image Source: Times Now
Why It’s Called the Shaktipeeth Expressway—Nagpur-Goa Corridor to Connect Divine Power and Progress
Image Source: TechGig
India’s Digital Push Gets Multilingual Makeover—Govt Onboards Startups, Bhashini Takes Center Stage
Image Source: Upk Haber Gazetesi
India’s Culinary Capitals Shine: 6 Cities Ranked Among World’s Best by TasteAtlas
Image Source: Radio and Music
Radio Outreach Goes Solar—Odisha’s First Fully Green-Powered Station Sets Sustainability Milestone
Advertisement
Live Blogs
SBI Tags RCom Loan as Fraud, Puts Anil Ambani in RBI Crosshairs
Thrill-Seekers Assemble: APTDC Flooded with 130 Adventure Tourism Applications
Level Unlocked: Good Game Becomes World’s First As-Live Global Gaming Reality Show
From Devotion to Dynamite: Ganesh’s Mighty Avatar Steals the Show in Yours Sincerely, Raam
Top Stories
Image Source : ANI News
Global Realty Meets Indian Ambition: Hyderabad to Host IREC 2026, Cementing India’s Investment Stature
Image Source : Upstox
Momentum Builds: India’s Services Sector Hits 10-Month High on Surge in New Orders
Image Source : Zee News - India.Com
Mushroom Magic: Haryana Couple Builds Rs 9 Lakh/Month Venture from Pandemic Passion
Image Source: Facebook
Grace, Grit & Glamour: Mrs. India One in a Million 2025 Crowns Queens at Dazzling Delhi Finale
Advertisement
Advertisement

Follow WOWNEWS 24x7 on:

Copyright 2024 WOWNEWS 24x7. All rights reserved. The WOWNEWS 24x7 is not responsible for the content of external sites. Read about our approach to external linking.

Powered By Just Imagine