Indian Bank Receives Significant Tax Demand Notice

Public sector Indian Bank has been served with a hefty notice of demand from the income tax department, amounting to Rs 873 crore. This notice is related to the Assessment Year (AY) 2017-18 and concerns certain disallowances as per the bank's communication to the stock exchange.

Bank's Response to the Tax Notice

The bank is currently in the process of preparing to file an appeal with the appropriate forum. It remains confident, citing precedents and orders from appellate authorities, that there are substantial factual and legal grounds to support its stance. "Considering the expected relief, the bank expects that the entire demand will subside," it stated, reassuring stakeholders that this development has no impact on its financial, operational, or other activities.

Looking Ahead

As the situation unfolds, stakeholders and observers alike are keenly watching the bank's next moves in this significant financial dispute.