Central Bank of India has been issued a tax demand notice amounting to ₹296.08 crore by the Income Tax Department for the assessment year 2024-25. The notice, dated 28 March 2026, was uploaded on the Income Tax Portal by the Assessment Unit and was observed by the bank on 30 March 2026.
The assessment order was issued under Section 143(3) read with Section 144B of the Income Tax Act, 1961. The bank is required to address the tax liability as stated in the demand notice. However, Central Bank of India has announced its intention to contest the order. The bank plans to file an appeal against the disallowances and additions made in the assessment order, adhering to the prescribed timelines.
According to the bank, there are adequate factual and legal grounds to substantiate its position in the matter. It expects that the entire demand will eventually be nullified, citing precedents and orders from appellate authorities. As a result, the bank anticipates no financial impact or disruption to its operations or other activities.
The bank has clarified that the expected financial implications of the notice are nil, as it will be disputing the entire demand. No penalties or sanctions have been imposed on the bank as a result of this communication.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).