Indian Overseas Bank gets IT demand notice for Rs. 620.07 crores

Indian Overseas Bank has received Notice of Demand under Section 156 of Income Tax Act, 1961 from the Income tax Department, Assessment Unit pertaining to AY 2022-23 wherein there is a demand of Rs.620.07 Crores on account of certain additions and disallowances were 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 said order within the prescribed timelines.

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, the Bank expects that the entire demand will subside. As such, there is no impact on financial, operations or other activities of the Bank.

Shares of Indian Overseas Bank was last trading in BSE at Rs. 59.98 as compared to the previous close of Rs. 56.90. The total number of shares traded during the day was 3409450 in over 11045 trades.

The stock hit an intraday high of Rs. 61.95 and intraday low of 57.30. The net turnover during the day was Rs. 204103908.00.

Source : Equity Bulls

Keywords

IndianOverseasBank INE565A01014 IOB DemandNotice IncomeTaxDepartment