1 month ago
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The Income Tax (I-T) Department has slapped TMB, KVB and IOB with demand notices for ₹770 crore for the assessment year 2022-23 on account of certain additions and disallowances.
Public sector Indian Overseas Bank (IOB) said there was a demand for ₹620 crore on account of certain additions and disallowances. The information came to its knowledge on March 28.
The bank was in the process of filing an appeal before the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC) within the prescribed timelines.
There is a demand of ₹110 crore on account of certain additions and disallowances which were made. This information came to our knowledge on March 30, said the private sector lender Tamilnad Mercantile Bank in a regulatory filing.
The bank is in the process of challenging the said order in the appropriate forum against disallowances/additions made in the said order within the prescribed timelines, it said.
Looking into the precedence/orders of the appellate authorities, TMB believes that it has adequate factual and legal grounds to reasonably substantiate its position in the matter.
TMB expects that entire demand will subside. As such, there is no impact on financial, operations or other activities of the bank.
In the case of Karur Vysya Bank (KVB) the demand notice was for ₹40 crore.
