Bank of Baroda Receives Rs 1,067.82 Crore Demand Order from Income Tax Department

Bank of Baroda (BoB) has received a demand order of ₹1,067.82 crore from the Faceless Assessment Unit of the Income Tax Department for the Assessment Year (AY) 2017-18.

In an exchange filing, the public sector bank stated that it is in the process of filing an appeal before the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), or a writ petition before the High Court, as deemed appropriate, within the prescribed timelines.

“Considering the precedents and orders of appellate authorities, the bank believes it has adequate factual and legal grounds to reasonably substantiate its position in the matter,” the bank stated.

The bank expects the entire demand to be nullified, ensuring no impact on its financial operations or other activities. It emphasized that it will utilize all recourse provided under the Income Tax Statute against the raised demand.