Indian Overseas Bank receives notification for IT refund of Rs. 1359.29 crores

Indian Overseas Bank has received an order under Section 250 of the Income Tax Act, 1961 advising the Bank that an order dated 17.08.2024 has been passed giving effect to the order of CIT (Appeals) DIN: ITBA/NFAC/S/250/2022-23/10501099204 dated 22.03.2023 & ITBA/NFAC/S/250/2023-24/1058675041(1) dated 12.12.2023.

As per the order dated 17.08.2024, the amount refundable to the Bank for the AY 2015-16 including interest u/s 244A of the Income-tax Act is ₹1359,29,17,840/- (Rupees One Thousand Three Hundred and Fifty-Nine Crores Twenty-Nine Lakhs Seventeen Thousand Eight Hundred and Forty Only).

Further, the order was received through Income Tax Portal on 10.12.2024 and the Bank also became aware of the information in respect of the above said order on 10.12.2024.

Shares of Indian Overseas Bank was last trading in BSE at Rs. 56.85 as compared to the previous close of Rs. 57.44. The total number of shares traded during the day was 259666 in over 1240 trades.

The stock hit an intraday high of Rs. 57.99 and intraday low of 56.69. The net turnover during the day was Rs. 14832245.00.

Source : Equity Bulls

Keywords

IndianOverseasBank INE565A01014 IOB ITRefund