Bank of India slapped hefty tax demand from IT Department

by Psu Connect
Date: 30-03-24

The tax demand by the National Faceless Assessment Unit of Income Tax passed the re-assessment order for the assessment year 2018-19 on various tax disallowances.

Bank of India slapped hefty tax demand from IT Department

Bank of India [BoI] has received an order from the Income Tax Department, Assessment Unit, of AY 2018-19, in which a penalty of ?564.44 crore has been imposed on various disallowances made, according to official information.

The public sector bank, in an exchange filing, has asserted in the process of filing an appeal before the Commissioner of Income Tax, National Faceless Appeal Centre (NFAC), against the said order (issued under section 270A of the Income Tax Act, 1961) within the prescribed timelines.

As such, there is no impact on the financial, operations or other activities of the Bank. While the tax authorities have also imposed additional tax liability for Rs 112.81 crore on Yes Bank.

The tax demand by the National Faceless Assessment Unit of Income Tax passed the re-assessment order for the assessment year 2018-19 on various tax disallowances.