Chennai: Public sector Indian Overseas Bank (IOB) has received a demand notice of Rs 620 crore from the income tax department for the assessment year (AY) 2022-23. The Notice of Demand under Section 156 of Income Tax Act, 1961 was on account of certain additions and disallowances made.
The bank is in the process of filing an appeal before the commissioner of income tax (Appeals), National Faceless Appeal Centre (NFAC) against the disallowances/additions made in the order within the prescribed timelines, IOB informed the stock exchange on Saturday. Looking to the precedence/orders of appellate authorities, the bank believes that it has adequate factual and legal grounds to reasonably substantiate its position in the matter and considering the expected relief, it expects that the entire demand will subside. There is no impact on financial, operations or other activities of the bank, it added.
Meanwhile, in a related regulatory filing on Monday, IOB said it became aware of the information regarding the Notice of Demand after closure of business hours on March 28, 2024 through the income tax portal and the notice has not been served on the bank through e-mail to the registered e-mail ID/physical mode/SMS alert to registered mobile number as on date. Further, March 29 was a holiday on account of Good Friday and hence the disclosure was filed with the stock exchanges on March 30 after due assessment of materiality, it further said.
We also published the following articles recently
