1.What is the tax demand notice received by Bank of India?

Bank of India has received a tax demand notice totaling Rs 1,127.72 crore from the Income Tax department for the assessment year 2016-17.

3.What does Bank of India believe about its position in this matter?

Bank of India is confident in its position, citing past precedents and orders from appellate authorities. The bank believes it has strong factual and legal grounds to support its case.

4.How does Bank of India expect this issue to impact its financial and operational activities?

Bank of India anticipates successfully contesting the entire tax demand and foresees no significant financial or operational impacts resulting from this matter.

Bank of India Hit with Massive Tax Notice - You Won't Believe What Happens Next

Bank of India Hit with Massive Tax Notice – You Won’t Believe What Happens Next

ank of India Hit with Massive Tax Notice - You Won't Believe What Happens Next Bank of India has reported receiving a tax demand notice amounting to Rs 1,127.72 crore from the Income Tax department for the assessment year 2016-17. The notice, issued under section 156 of the Income Tax Act, 1961, pertains to certain disallowed claims. In response, the bank has announced its intention to appeal this notice before the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), within the specified timelines. The bank remains confident in its stance, citing previous precedents and decisions from appellate authorities, and believes it has substantial factual and legal grounds to support its case. The bank expects to successfully challenge the entire demand and does not foresee any significant financial or operational impacts resulting from this issue.

Bank of India has reported receiving a tax demand notice amounting to Rs 1,127.72 crore from the Income Tax department for the assessment year 2016-17. The notice, issued under section 156 of the Income Tax Act, 1961, pertains to certain disallowed claims.

In response, the bank has announced its intention to appeal this notice before the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), within the specified timelines. The bank remains confident in its stance, citing previous precedents and decisions from appellate authorities, and believes it has substantial factual and legal grounds to support its case.

The bank expects to successfully challenge the entire demand and does not foresee any significant financial or operational impacts resulting from this issue.

FAQ Bank Of India Tax Notice Appeal Pending

1.What is the tax demand notice received by Bank of India?
Bank of India has received a tax demand notice totaling Rs 1,127.72 crore from the Income Tax department for the assessment year 2016-17.
2.What action is Bank of India taking in response to the notice?
Bank of India is in the process of filing an appeal before the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), within the prescribed timelines.
3.What does Bank of India believe about its position in this matter?
Bank of India is confident in its position, citing past precedents and orders from appellate authorities. The bank believes it has strong factual and legal grounds to support its case.
4.How does Bank of India expect this issue to impact its financial and operational activities?
Bank of India anticipates successfully contesting the entire tax demand and foresees no significant financial or operational impacts resulting from this matter.