Business Update30 Jun 2024, 01:31 am
Bank of Baroda Receives Demand Notice of ₹1067.82 Crore from Income Tax Department
AI Summary
Bank of Baroda has received a demand notice from the Faceless Assessment Unit, Income Tax Department, pertaining to Assessment Year 2017-18. The demand notice is for ₹1067.82 Crore under section 156 of the Income Tax Act, 1961. The bank is planning to file an appeal before the Commissioner of Income Tax (appeals), National Faceless Appeal Centre (NFAC)/ Writ Petition before Hon'ble High Court against the said order within the prescribed timelines. The bank believes that it has adequate factual and legal grounds to substantiate its position in the matter and expects the entire demand to subside. There is no impact on the financial operations or other activities of the bank.
Key Highlights
- Bank of Baroda received a demand notice from the Income Tax Department for ₹1067.82 Crore.
- The demand is for Assessment Year 2017-18 under section 156 of the Income Tax Act, 1961.
- The bank plans to file an appeal before the Commissioner of Income Tax (appeals), National Faceless Appeal Centre (NFAC)/ Writ Petition before Hon'ble High Court against the order.
- The bank believes it has adequate factual and legal grounds to substantiate its position in the matter.
- The bank expects the entire demand to subside with no impact on financial operations or other activities.