Indian Overseas Bank Receives ₹123.87 Crore Tax Refund from Income Tax Department
Public sector Indian Overseas Bank (IOB) announced on Thursday, September 19, that it has received a significant order from the Income Tax Department under Section 250 of the Income Tax Act, 1961. This order confirms a refund amounting to ₹123.87 crore, which includes interest as specified under Section 244A of the Act, relating to the assessment year 2021-22.
According to the bank’s regulatory filing, the order dated August 22, 2024, was uploaded to the Income Tax Portal on September 18, 2024. The order states that the refundable amount to the Bank for the assessment year 2021-22, including interest under Section 244A of the Income-tax Act, is ₹123,86,61,549.
The bank was notified of the order following an earlier ruling by the Commissioner of Income Tax (Appeals) on December 12, 2023. The details were officially available on the Income Tax portal before the bank’s acknowledgment on September 19, 2024. The bank reiterated, “Further, we wish to inform you that the order was uploaded in the Income-tax Portal on 18.09.2024 and the Bank became aware of the information in respect of the above-said order on 19.09.2024.”
On the stock market front, shares of Indian Overseas Bank closed at ₹57.46, reflecting a decline of ₹1.55, or 2.63%, on the Bombay Stock Exchange (BSE).
