Bank Of Baroda has informed the Exchange about Disclosure under Regulation 30
BANKBARODA · price
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Bank of Baroda has received a demand notice of ₹457.25 Crores from the Income Tax Department's Faceless Assessment Unit for Assessment Year 2019-20. The demand relates to two specific issues: taxability of income from foreign branches and broken period interest paid on purchase of securities. The bank is preparing to file an appeal before the Commissioner of Income Tax (Appeals) or a writ petition before the High Court. The bank believes it has strong factual and legal grounds and expects the entire demand to be set aside in appeal.
No immediate impact on financial operations, as the bank is contesting the demand. However, investors should track the appeal outcome, since a ₹457 Crore demand (if upheld) would be material for the bank.