The Income Tax Department, Assessment Unit has imposed penalty of Rs 564.44 crore on Bank of India, on various disallowances made, pertaining to Assessment Year 2018-19. The bank is in the process of filing an appeal before the Commissioner of Income Tax, National Faceless Appeal Centre (NFAC) against the said order within the prescribed timelines.
The bank believes that it has adequate factual and legal grounds to reasonably substantiate its position in the matter, and expects the entire demand to subside. As such, there is no impact on financial, operations or other activities of the bank. Meanwhile, the bank also received a demand notice of Rs 1,127.72 crore from the Assessment Unit, Income Tax Department, pertaining to Assessment Year 2016-17.