Why Bandhan Bank faces income tax demand?
The tax demand, which includes applicable interest, was issued under Section 143(3) read with Section 144B of the Income Tax Act, 1961, following the completion of a scrutiny assessment. The bank received the order on March 25, 2025.
Private-sector firm Bandhan Bank Limited has received an income tax demand order of Rs 119.38 crore from the Income Tax Department’s Faceless Assessment Unit for the assessment year 2023-24 (FY2022- 23).
According to the exchange filing made, the Income Tax Department, Faceless Assessment Unit, has issued an assessment order under Section 143(3) read with 144B of the Income Tax Act, 1961, resulting into a tax demand order under Section 156 of the Income Tax Act, 1961, against Bandhan Bank Limited (‘Bank’), in respect of Scrutiny assessment for AY 2023-24 on Income Tax matter.
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The tax demand, which includes applicable interest, was issued under Section 143(3) read with Section 144B of the Income Tax Act, 1961, following the completion of a scrutiny assessment. The bank received the order on March 25, 2025.
The demand is related to disallowances of certain expenditure and deductions claimed by the bank under various provisions of the Income Tax Act. The aforementioned Bank has stated that it is in the process of filing an appeal before the higher appellate forums within the prescribed timelines.
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