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Indian Overseas Bank ( (IN:IOB) ) just unveiled an announcement.
Indian Overseas Bank has disclosed that it received a demand notice under Section 156 of the Income Tax Act, 1961 from the income tax authorities in Chennai, relating to the assessment year 2015-16. The notice follows an order giving effect to an Income Tax Appellate Tribunal decision and demands Rs 766.02 crore, stemming from recomputation of income and disallowances of claims made in the bank’s tax returns.
The bank has stated that the expected financial implication corresponds to the full amount of the tax demand, and the order also notes that a penalty under Section 271(1)(c) may be imposed separately. Indian Overseas Bank plans to challenge the disallowances and additions by filing an appeal before the appropriate forum, signaling a potential prolonged tax dispute that could affect its financials depending on the outcome.
More about Indian Overseas Bank
Indian Overseas Bank is a public sector bank based in Chennai that provides a range of commercial banking services in India. Its operations include lending, deposit-taking and other financial services to retail and corporate customers, and its shares are listed on both the BSE and NSE, making it subject to Indian securities and disclosure regulations.
Average Trading Volume: 673,654
Technical Sentiment Signal: Sell
Current Market Cap: 678.2B INR
For detailed information about IOB stock, go to TipRanks’ Stock Analysis page.