Bank of India has been slapped with a tax demand order amounting to Rs 1,127.72 crore by the Income Tax Department for the assessment year 2016-17.
The demand notice, issued under section 156 of the Income Tax Act, 1961, cites certain disallowances made for the annual year 2016-17, as per an exchange filing by the bank.
The bank is preparing to challenge the order by filing an appeal with the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), within the specified time frame.
Despite the setback, Bank of India remains confident in its position and expects the demand to be overturned based on past rulings. The bank assures that its financial, operational, and other activities will not be affected.
Bank of India intends to use legal avenues provided by the Income Tax Statute to contest the demand of Rs 1,127.72 crore mentioned in the order.
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