Indian Overseas Bank ₹642.74 Cr Tax Demand AY2016-17

Indian Overseas Bank received a tax demand of Rs. 642.74 Crores from Income Tax Department for Assessment Year 2016-17.
The demand arises from a Giving Effect order to ITAT Order ITA No. 202 & 253/Chny/2023 dated 31.12.2024 under Section 254 r/w Section 143(3) of the Income Tax Act, 1961.
The Bank expects nil financial impact as it plans to dispute the entire demand before the appropriate appellate forum within prescribed timelines.