Home   »   Banking Current Affairs 2023   »   Income Tax Department Imposes ₹564.44 Crore...

Income Tax Department Imposes ₹564.44 Crore Penalty on Bank of India

Bank of India (BoI) has disclosed the receipt of an order from the Income Tax Department, Assessment Unit, concerning the Assessment Year (AY) 2018-19. The order imposes a penalty of ₹564.44 crore on various disallowances made by the bank.

Penalty Details

  • The Income Tax department has levied a penalty of ₹564.44 crore on Bank of India.
  • The penalty pertains to disallowances made during AY 2018-19.

Appeal Process

  • Bank of India is initiating an appeal process before the Commissioner of Income Tax, National Faceless Appeal Centre (NFAC) against the order.
  • The bank believes it has adequate factual and legal grounds to substantiate its position in the matter based on precedence/orders of appellate authorities.

Expected Outcome

  • The bank anticipates the entire demand to subside.
  • Bank of India asserts that there will be no impact on its financial, operational, or other activities due to this penalty.

Income Tax Department Imposes ₹564.44 Crore Penalty on Bank of India_4.1