Australia's High Court ruled that wreck removal claims excluded under Australia's maritime reservations cannot be capped by reclassifying them as property damage.
The demand includes multiple tax additions relating to transfer pricing adjustments, amortisation of investment premium and provisions for doubtful debts.
ICICI Prudential Life's appeal against a Maharashtra GST demand for FY2019 has yielded only partial relief, as the insurer's cumulative tax disputes continue to grow.
The modest Rajasthan demand adds to a growing GST dispute position for ICICI Prudential Life, which faces total exposure of 9.84bn rupees following February's dismissed appeal.
Indian insurers continue to face escalating tax scrutiny as Go Digit becomes the latest to receive a sizeable demand order, prompting plans for an appeal.
The order is the largest in a series of income tax demands hitting India's life insurers, as the tax authority challenges the sector's treatment of reserves, fund losses, and exemption claims.
