The Income Tax Department has raised a tax demand of ₹558.96 crore against Indian Overseas Bank (IOB) for the assessment year 2023-24. The notice has been served under Section 156 of the Income Tax Act, 1961 on account of some disallowances and additions made in the assessment order.
The bank made the disclosure in a filing with the regulators, adding that it has received a Notice of Demand from Assessment Unit of Department of Income Tax. IOB would approach the proper forum within the timelines prescribed to challenge the tax demand.
According to the bank, it has considerable legal and factual grounds to challenge the demand, referring to past rulings by the appellate authority. IOB believes the tax notice is invalid and should be set aside, IOB is not going to suffer any financial impact or operational impact or business impact because of this tax notice.
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