A three-day hearing was held in Dubai between October 1-3.
"Following a three-day hearing and having considered detailed oral and written submissions, the Dispute Panel has dismissed the PCB's claim against the BCCI," the ICC said in its statement released, on Tuesday.
Meanwhile, the ICC Dispute Panel also ruled that the document signed between the two boards was not binding.
"It follows inexorably that the PCB's claim must fail. If there was no obligation on the BCCI to engage in the tours in either 2014 or 2015, its omission to do so was no breach and gave rise to no damages claim," the statement read.
India and Pakistan haven't played a bilateral series since 2013
Meanwhile, political tensions have continued to bother the cricketing relationship between the two nations. India and Pakistan have not played a bilateral series against each other since 2013. Even though, the arch-rivals have locked horns in ICC and Asia Cup tournaments in this period.
Pakistan board released a statement expressing its disappointment, "In relation to the proceedings brought by PCB against BCCI, the PCB notes with regret the decision of the Disputes Panel of the ICC's Dispute Resolution Committee."