Bank Of India Faces Rs 564 Cr Income Tax Penalty
On Thursday, Bank of India disclosed that the Income Tax department has imposed a penalty of Rs 564.44 crore on the public sector lender.
The bank stated that it is in the process of appealing the decision before the Commissioner of Income Tax, National Faceless Appeal Centre (NFAC).
In a regulatory filing, the bank clarified that it had received the penalty order under Section 270A of the Income Tax Act, 1961, pertaining to the Assessment Year 2018-19. The penalty was imposed on various disallowances made.
Bank of India expressed confidence in its ability to defend its position, citing precedence and orders of appellate authorities. It expects the entire demand to be nullified.
The bank emphasized that this development will not affect its financial, operational, or other activities.
Bank of India's shares closed at Rs 137, marking a 3.79 per cent increase from the previous closing price on the BSE.
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