Legal26 Mar 2025, 11:42 pm
Bandhan Bank Faces Rs. 119.38 Crore Tax Demand for AY 2023-24
AI Summary
Bandhan Bank Limited has received a tax demand order under Section 156 of the Income Tax Act, 1961, from the Income Tax Department, Faceless Assessment Unit, for the Assessment Year 2023-24 (Financial Year 2022-23). The demand amounts to Rs. 119.38 crore, including applicable interest, on account of disallowances of certain expenditure/deductions claimed. The Bank is preparing to file an appeal before the Higher Appellate Forums, asserting adequate factual and legal grounds to substantiate its position in the matter. The Bank expects a substantial portion of the demand to subside, and hence, there is no significant impact on its financial, operational, or other activities.
Key Highlights
- Bandhan Bank Limited has received a tax demand order under Section 156 of the Income Tax Act, 1961, for AY 2023-24.
- The tax demand amounts to Rs. 119.38 crore, including applicable interest, due to disallowances of certain expenditure/deductions claimed.
- The Bank intends to file an appeal before the Higher Appellate Forums, presenting factual and legal grounds to support its position.
- The Bank expects a significant portion of the demand to be nullified, and thus, there is no considerable impact on its financial, operational, or other activities.
- The disclosure has been uploaded on the Bank's website at www.bandhanbank.com.