Bank of Baroda ₹457.25 Cr Income Tax Demand AY2019-20

Bank of Baroda received a ₹457.25 crore income tax demand notice under Section 156 of the Income Tax Act, 1961 for AY 2019-20.
The demand relates to taxability of income from foreign branches and broken period interest paid on purchase of securities.
The Bank intends to appeal before CIT(A)/NFAC or file a writ petition and expects the entire demand to subside.
No financial or operational impact on the Bank is disclosed pursuant to LODR Schedule III Para A(20).