Indian Overseas Bank announced that Bank has received Notice of Demand under Section 156 of Income Tax Act, 1961 from the Income tax Department, Assessment Unit pertaining to AY 2022-2023, Bank has received Notice of Demand under Section 156 of Income Tax Act, 1961 from the Income tax Department, Assessment Unit pertaining to AY 2022-23 wherein there is a demand of INR 6,200.7 million on account of certain additions and disallowances were made. This information came to knowledge on March 28, 2024. The Bank is in the process of filing an appeal before the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC) against the disallowances/additions made in 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 and considering the expected relief, the Bank expects that the entire demand will subside. As such, there is no impact on financial, operations or other activities of the Bank. Quantum of claims: INR 6200.7 million on account of certain additions and disallowances made.