01 April 2024 – The income tax authorities sent the Bank of India a demand notice for Rs 1,127.72 crore for the assessment year 2016–17, the BankBank said on Sunday. “The Bank has received a demand notice under section 156 of the Income Tax Act, 1961, pertaining to AY 2016-17 wherein certain disallowances have been made,” the lender said in an exchange statement. According to the BOI, an appeal against the ruling above is now being filed within the required timeframes with the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC).
“Looking to the precedence/Orders of Appellate Authorities, the Bank believes that it has adequate factual and legal grounds to substantiate its position in the matter reasonably,” the financial institution said.
As a result, BankBank anticipates that total demand will decline. Therefore, the Bank’s operations, finances, or other activities are unaffected.”The BankBank is in the process of appealing the order above within the allotted timeframes to the Commissioner of Income Tax (Appeals), National Faceless Appeal Center (NFAC).”
Conclusion
Based on precedent and orders from appellate authorities, the BankBank thinks it has sufficient legal and factual justification to support its stance. The BankBank anticipates that as a result, the total demand would decline.