The penalty relates to ICICI Lombard's failure to document ₹7.10bn (US$75.1m) of sales, marketing and business support spending in FY2019, part of which went to agents of other insurers.
The insurer said the order is not expected to have a material adverse impact on its financial operations at this stage, as it intends to challenge the decision.
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.
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