Few days back I had posted official Jellybean firmware of Lava Iris 501.
After that many people requested me to post the old firmware version 4.0.4 Ice-cream Sandwich also.
Here I am posting official firmware of Lava Iris 501 version 4.0.4 Ice-cream Sandwich.
You can flash it with the help of SP Flash Tools.
Download Links :-
MT6577 USB VCOM drivers
SP Flash Tool v3.1252.1.104
LAVA IRIS 501 ICS Firmware File Part 01
LAVA IRIS 501 ICS Firmware File Part 02
LAVA IRIS 501 ICS Firmware File Part 03
For process and other details, please check my other post HERE
For New CWM Recovery 126.96.36.199, check my post HERE
Please note: This is original ICS Firmware 4.0.4 of IRIS 501 provided by LAVA. Nothing is modded in this Firmware.
Warning: Be careful while flashing your phone. I will be not responsible if you brick your phone.