Bank of India’s troubles increased, Income Tax Department sent demand notice of Rs 1127 crore

Bank of India’s troubles increased, Income Tax Department sent demand notice of Rs 1127 crore


New Delhi (Uttam Hindu News): Bank of India has received a demand notice of Rs 1,127.72 crore related to assessment year 2016-17 from the assessment unit of the Income Tax Department. The Bank has received a demand notice under Section 156 of the Income Tax Act, 1961 relating to the year 2016-17, in which certain disclaimers have been made.

Bank of India said, the bank is in the process of filing an appeal against the said order before the Commissioner of Income Tax (Appeals), National Faceless Appeal Center (NFAC) within the prescribed time limit. In view of the preference/orders of the appellate authorities, the Bank believes that it has sufficient factual and legal basis to justify its position in the case. The bank expects the demand to reduce. Thus, there will be no impact on the financial, operational or other activities of the Bank. Bank of India said it will avail the relaxation given in the Income Tax Act against the demand of Rs 1,127.72 crore raised in the order.

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