Income tax dept raises Rs 160crore demand from KVB

CHENNAI: The income tax department has raised a demand for Rs 160 crore with the private sector Karur Vysya Bank (KVB) on account of certain additions and disallowances pertaining to the financial year 2022-23.

The income tax department has completed the regular assessment under Section 143(3) and passed assessment order pertaining to AY 2023-24, wherein there is a demand of Rs 160.3 crore on account of certain additions and disallowances made, KVB informed the stock exchange. The assessment order was received on March 21, 2025. However, there was no impact on financial, operations or other activities of the bank, it added.

Noting that it was in the process of filing appeal before the first appellate authority against the disallowances made, the bank said it strongly opines that there are adequate legal grounds for defence. It was hopeful that the demand would be set aside, the regulatory filing further said.


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