Legal27 Mar 2026, 07:04 pm
Indian Overseas Bank Receives Demand Notice of Rs. 1742.96 Crores from Income Tax Department
AI Summary
Indian Overseas Bank has received an assessment order under Section 143(3) read with Section 144B of Income Tax Act, 1961 dated 26.03.2026 from National Faceless Assessment Unit (NFAC) of Income Tax Department along with a demand advising the Bank to pay an amount of Rs. 1742.96 Crores being demand for tax liability for the Assessment Year 2024-25. The Bank is in the process of challenging the said order in the appropriate forum against disallowances/additions made in the said order within the prescribed guidelines.
Key Highlights
- Indian Overseas Bank received a demand notice from Income Tax Department for Rs. 1742.96 Crores
- The demand is for the Assessment Year 2024-25
- The Bank is challenging the order in the appropriate forum
- The Bank believes it has adequate factual and legal grounds to substantiate its position
- No impact is expected on financial, operations or other activities of the Bank