Bank of India: After the fine was imposed by the Income Tax Department on behalf of the government bank, it was said that it is in the process of filing an appeal against this order before the Income Tax Commissioner, National Faceless Appeal Center (NFAC).
Income Tax Penalty on Bank of India: Just some time has passed when a penalty of more than Rs 100 crore was imposed on a Tata Group company by the Income Tax Department. Now the Income Tax Department has imposed a fine of Rs 564.44 crore on the public sector Bank of India. After the fine was imposed by the Income Tax Department on behalf of the government bank, it was said that it is in the process of filing an appeal against this order before the Income Tax Commissioner, National Faceless Appeal Center (NFAC).
The bank will appeal against the fine
In the information given by the bank to the stock market, it was said that it has received an order from the Income Tax Department, Assessment Unit under Section 270A of the Income Tax Act, 1961 related to the assessment year 2018-19. In this, a fine of Rs 564.44 crore has been imposed for violations of various rules. The order said that the bank believes that it has sufficient factual and legal basis to properly prove its position in this matter.
What will be the impact on customers?
The bank said, ‘Therefore it is expected that the demand for the entire penalty amount will be reduced. In such a situation, there will be no impact on the financial, operational or other activities of the bank. According to experts, the imposition of such fine amount on the bank will not have any impact on the functioning of the bank or its customers. In this matter, after an appeal by the bank, a decision will be taken by the Income Tax Department. Now it will be decided after the appeal whether the bank gets some exemption from the fine amount or not.
Bank share
In the trading session that closed on Thursday, Sensex and Nifty closed with the green mark. At the end of the trading session, the Sensex closed at 73,651 points with a gain of 655 points. During this period, shares of Bank of India rose by 3.79 percent to reach Rs 137 on BSE. Apart from this, a rise was seen in the stock of Bank of India on Nifty 50 also. After this action taken by the Income Tax Department, action can be seen in Banke shares in the next trading session on Monday.
