Indian Overseas Bank Receives Rs 766 Crore Income Tax Demand Notice for AY 2015-16

Indian Overseas Bank (IOB) has received a demand notice exceeding Rs 766 crore from the Income Tax Department's Deputy Commissioner of Income-tax, Non-Corporate Circle-8, Chennai, relating to the assessment year 2015-16. The bank stated it is challenging the order, which involves re-computation of income and disallowances concerning claims in its income tax returns, citing identified aberrations and non-compliances by the tax authority.