New Delhi, March 31 The state-owned Central Bank of India announced on Tuesday that it has received a demand notice of ₹296.08 crore from the Income Tax Department for a shortfall in tax payments for the fiscal year 2025.
"The bank has received an assessment order under Section 143(3) read with Section 144B of the Income Tax Act, 1961, dated March 28, 2026, from the Assessment Unit of the Income Tax Department, along with a demand advising the bank to pay an amount of ₹296.08 crore as tax liability for the Assessment Year 2024-25," Central Bank of India said in a regulatory filing.
The bank is currently challenging these orders in the appropriate forum, arguing against any disallowances or additions made in the order within the prescribed guidelines.
Referring to precedents and orders from appellate authorities, the bank stated that it believes it has sufficient factual and legal grounds to reasonably support its position in the matter, and that, considering the expected relief, the bank expects the entire demand to be withdrawn.
As a result, the bank expects no impact on its financial, operational, or other activities.