Bank of Baroda (BoB) has received a demand order of ₹1,067.82 crore from the Faceless Assessment Unit, Income Tax Department, pertaining to Assessment Year (AY) 2017-18.
The public sector bank, in an exchange filing, said it is under the process of filing an appeal before the Commissioner of Income Tax (appeals), National Faceless Appeal Centre (NFAC)/ writ petition before the High Court (as may deems fit) against the said order within the prescribed timelines.
“Looking to the precedence/orders of appellate authorities, the bank believes that it has adequate factual and legal grounds to reasonably substantiate its position in the matter.
“Accordingly, the bank expects the entire demand to subside. As such, there is no impact on financial operations or other activities of the bank,” the bank said.
The bank emphasised that it would avail recourse provided in Income Tax Statute against the demand raised in the order.