Indian Overseas Bank has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
IOB · price
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Awaiting price reaction for this filing.
Indian Overseas Bank (IOB) has received a demand notice of Rs. 76,02,83,968 (approximately Rs. 76.6 crore) from the Income Tax Department (Deputy Commissioner, Non-Corporate Circle-8, Chennai) under Section 156 of the Income Tax Act, 1961 for Assessment Year 2015-16. The demand arises from disallowances and re-computation of income following an ITAT order dated 31.12.2024. The bank is in the process of filing an appeal and may also face a separate penalty under Section 271(1)(c). IOB has stated that, based on precedents and legal grounds, it expects the entire demand to subside with no material impact on its financials, operations, or other activities.
While the Rs. 76.6 crore demand is notable, the bank is confident of relief on appeal and does not foresee any material financial or operational impact. Shareholders should monitor the appeal outcome, but near-term effect on the stock is expected to be limited.