Legal27 Mar 2026, 05:22 pm
Indian Overseas Bank Receives Demand Notice of Rs. 642.74 Crores from Income-tax Department for Assessment Year 2016-17
AI Summary
Indian Overseas Bank has received a demand notice from the Income-tax Department for an amount of Rs. 642.74 Crores under Section 254 r/w Section 143(3) of the Income Tax Act, 1961 for the Assessment Year 2016-17. The demand is in response to a Giving Effect order to ITAT Order ITA No. 202 & 253/Chny/2023 dated 31.12.2024. The Bank is in the process of challenging the order in the appropriate forum. The Bank believes it has adequate factual and legal grounds to substantiate its position in the matter.
Key Highlights
- Indian Overseas Bank received a demand notice from the Income-tax Department for Rs. 642.74 Crores.
- The demand is for the Assessment Year 2016-17 under Section 254 r/w Section 143(3) of the Income Tax Act, 1961.
- The demand is in response to a Giving Effect order to ITAT Order ITA No. 202 & 253/Chny/2023 dated 31.12.2024.
- The Bank is in the process of challenging the order in the appropriate forum.
- The Bank believes it has adequate factual and legal grounds to substantiate its position in the matter.