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Bank of India Faces Rs 564.44 Crore Penalty from Income Tax Department


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The Income Tax department has imposed a penalty of INR 564.44 crore on Bank of India, a public sector lender. The bank plans to appeal against this order before the Commissioner of Income Tax, National Faceless Appeal Centre (NFAC).

According to the bank’s regulatory filing, the penalty was imposed under Section 270A of the Income Tax Act, 1961, for various disallowances made during the assessment period of AY2018-19.

Bank of India is confident in its ability to present adequate factual and legal grounds to support its position in the matter, based on the precedence and orders of appellate authorities.

The bank expects the entire demand to be reversed, and it assures that there will be no impact on its financial, operational, or other activities.

On the stock market, shares of Bank of India closed at INR 137, representing a 3.79% increase compared to the previous close on the BSE.

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