Central Bank of India Faces Rs 296-Cr Income Tax Demand Notice

• Central Bank of India received a demand notice of Rs 296.08 crore from the Income Tax Department.
• The notice is for a shortfall in tax payment for the Assessment Year 2024-25.
• The assessment order was issued under Section 143(3) read with Section 144B of the Income Tax Act, 1961.
• The bank plans to challenge the order in the appropriate forum, citing strong factual and legal grounds.
• Central Bank of India expects the entire demand to subside and anticipates no impact on its financials or operations.