ITAT sets aside Rs 40.34 crore income tax demand on Karur Vysya Bank
KARURVYSYA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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Karur Vysya Bank has received a favorable order from the Income Tax Appellate Tribunal setting aside the earlier order passed by the Commissioner of Income Tax (Appeals). This relates to a demand of Rs. 40.34 crore raised by the assessment unit for Assessment Year 2022-23 (FY 2021-22). The bank had earlier disclosed the matter and believed it had strong legal grounds to contest. The Tribunal order results in no impact on the financial, operational, or other activities of the bank.
Positive for shareholders - tax demand of about Rs 40.34 crore set aside by ITAT, no financial or operational impact on the bank.