New Delhi, March 31: The Central Bank of India has received a tax demand notice amounting to ₹296.08 crores from the Income Tax Department. This information was disclosed by the bank in a filing to the stock exchange on Tuesday.
In its exchange filing, the bank stated that the Income Tax Department has alleged underpayment of taxes for the fiscal year 2024-25. The bank received an assessment order dated March 28, 2026, under the relevant section of the Income Tax Act.
The order details certain deductions and additional amounts cited by tax officials, which led to the issuance of this demand. The bank noted, “The demand of ₹296.08 crores issued by the Income Tax Department’s assessment unit was uploaded on the income tax portal, which the bank accessed on March 30, 2026.”
The bank has made it clear that it does not agree with this assessment and plans to contest the order. It has already initiated the process of filing an appeal before the relevant authorities and aims to complete it within the stipulated timeframe.
The Central Bank of India expressed confidence in its stance, stating that it possesses solid factual and legal grounds to oppose the demand. Based on previous decisions by appellate authorities in similar cases, the bank expects to receive relief in this matter.
The bank added, “The process of filing an appeal against the rejections/additions made in the aforementioned order is underway within the prescribed timeframe.”
Furthermore, the bank believes that it will adequately demonstrate its position and anticipates that the entire demand will be dismissed, considering prior decisions/orders of appellate authorities.
The bank also stated that it does not expect any financial or operational impact due to the demand notice. It is confident that the matter will be resolved in its favor once the appeal process concludes.
The public sector bank affirmed, “There is no expected impact on the bank’s financial, operational, or other activities.”
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My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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