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Labour Laws
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Informative
Bank of Baroda Faces Rs 1067.82 Crore Income Tax Demand for AY 2017-18
Update / Judgement Date
07 Jul 2024
Source
Author
Team — WCP Legal Desk
Reading Time
1 min read
Appeal Against OrderBankingIncome Tax
Bank of Baroda has received a tax demand order of Rs 1,067.82 crore for AY 2017-18 under Section 156 of the Income Tax Act, 1961. The bank intends to appeal the order before the Commissioner of Income Tax (Appeals) or file a writ petition in the High Court. Bank of Baroda is confident that the demand will be overturned based on previous appellate decisions and legal grounds. Despite this dispute, the bank reported a robust financial performance with increased net profit and improved NPA ratios.
