Income tax dept sends demand notice to IOB for Rs 559 crore

CHENNAI: The income tax department has sent a demand notice to state-run Indian Overseas Bank (IOB) for Rs 559 crore.

The notice under Section 156 of Income Tax Act, 1961 from the assessment unit of the income tax department on Monday pertains to certain disallowances/additions during AY 2023-24, the bank informed the stock exchange on Tuesday.

IOB is in the process of filing an appeal before the appropriate forum.

Citing precedence and orders of appellate authorities, the bank said it has adequate factual and legal grounds to reasonably substantiate its position in the matter. And considering the expected relief, it expects that the entire demand will subside, it added.

The regulatory filing said there was no impact on financial, operations or other activities of the bank.


Stay informed with the latest business news, updates on bank holidays and public holidays.