Bank to challenge Rs 11.44 lakh tax penalty order
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The Income Tax Appellate Tribunal dismissed the bank's appeal, and the tax department issued a Rs 11.44 lakh order for failure to deduct tax on excess interest paid to depositors. The bank is challenging the order and expects no impact beyond the penalty amount.
The bank expects no material effect on finances or operations beyond the Rs 11.44 lakh penalty while pursuing its challenge.