City Union Bank Limited has informed the Exchange about Assessment Order from The Assessment Unit, Income Tax Department

City Union Bank has received an Income Tax assessment order under Section 143(3) of the Income Tax Act for Assessment Year 2024-25 from the Assessment Unit of the Income Tax Department. The order partially disallowed certain deductions claimed by the bank, including those under Section 36(1)(xvii) and 36(1)(xviii), along with three other deductions, reducing the bank's refund claim by approximately Rs. 97.22 crore. Importantly, no additional tax demand has been raised (Nil demand). The bank has stated that its claims are fully allowable based on earlier judicial rulings in its own favour, and similar claims were allowed by the same assessment unit in prior years. The bank intends to file an appeal and is confident of a favourable outcome.