Public sector lender Indian Overseas Bank (IOB) has received a Notice of Demand from the Income Tax Department’s Assessment Unit for the Assessment Year 2023-24, with a tax demand of ₹558.96 crore.
In a filing to the stock exchanges, the bank stated that it intends to challenge the order before the appropriate forum, contesting the disallowances and additions made by the tax authorities. It is currently in the process of filing an appeal within the prescribed timelines.
The Chennai-headquartered Bank expressed confidence in its legal position, citing precedents and past appellate authority rulings. The bank believes it has sufficient factual and legal grounds to substantiate its case and expects the entire demand to be set aside. It further clarified that the notice will have no impact on its financial performance, operations, or other activities.