Bank of Baroda Receives ₹806 Crore IT Demand

Bank of Baroda received a ₹806.18 crore income tax demand notice from the Faceless Assessment Unit for AY 2020-21.
The demand relates to taxability of income from foreign branches, broken period interest, and bad debts written off under Section 36(1)(vii).
The Bank plans to file an appeal before CIT(Appeals)/NFAC or a writ petition before the High Court, expecting the full demand to subside.
The Bank has stated there is no impact on its financial operations or other activities due to this demand order.