Public sector Indian Bank has received a notice of demand from the assessment unit of the income tax department for Rs 873 crore.
It pertains to the AY 2017-18 regarding certain disallowances, the bank informed the stock exchange. Indian Bank is in the process of filing an appeal before the appropriate forum.
Looking to the precedence/orders of appellate authorities, it believes that there are adequate factual and legal grounds to reasonably substantiate its position in the matter.
“Considering the expected relief, the bank expects that the entire demand will subside,” it added.
There was no impact on financial, operations or other activities of the bank, it said.
Source #TOI
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