Indian Overseas Bank (IOB) has received a refund order amounting to ₹1,238.31 crore, inclusive of interest under Section 244A of the Income Tax Act, for the Assessment Year 2019-20.
As of 9:20 am the shares were trading 1.60% higher at ₹53.29 on NSE.
Key Highlights:
- Order Details:
The refund was granted as per an Income Tax Department order dated August 12, 2024, which followed a ruling by the Commissioner of Income Tax (Appeals) on February 27, 2023. - Regulatory Compliance:
IOB disclosed the development under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with investors and stakeholders.
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