Karur Vysya Bank Ltd has informed BSE regarding "Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Order received from Commissioner of Income Tax (Appeals)".
KARURVYSYA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Karur Vysya Bank has received an order from the Commissioner of Income Tax (Appeals) partly allowing the bank's appeal against a Rs. 40.34 crore tax demand raised by the Income Tax Department's Assessment Unit for Assessment Year 2022-23. The tax demand originated from Assessment Year 2022-23 (Financial Year 2021-22). The bank is now challenging this appellate order further in a higher forum, believing it has adequate factual and legal grounds to overturn the entire demand based on precedents and appellate authority orders. The bank has clarified there is no impact on its financial position, operations, or other activities.
This is an ongoing income tax litigation with a partial favorable outcome for the bank. While Rs. 40.34 crore remains in dispute, the bank expects full relief. The disclosure appears routine and should not materially impact the stock given the bank's confidence and the 'no financial impact' assertion.