Private sector bank Karur Vysya Bank has filed writ petitions before the Madurai Bench of the Madras High Court challenging various reassessment proceedings initiated by the Income Tax Department
The bank, in an exchange filing on Tuesday, disclosed that it had received notices under Section 148 and orders under Section 148A(3) of the Income-tax Act, 1961 for initiation of reopening of assessment in relation to Assessment Years 2020-21, 2021-22, and 2022-23.
The bank said it has filed its writ petitions against the orders on September 22.
Karur Vysya Bank said it believes the matter is not likely to have any material impact on its financial position or operations. “Bank strongly opines that it has adequate legal grounds to defend the issues involved in reopening proceedings,” it added.
