Indian Overseas Bank gets ₹1238 Cr tax refund, Legal News, ET LegalWorld

The Indian Overseas Bank has received an order of refund of ₹1238.31 Crores from the Income Tax Department.

The bank has received an order under Section 250 of the Income Tax Act, 1961. The August 12, 2024 order gave effect to the order of CIT (Appeals) dated February 27, 2023.

The August 12, 2024 order holds that the amount refundable to the Bank for the AY 2019-20 including interest u/s 244A of the Income-tax Act is ₹1238,31,09,327/-.

The disclosure was made under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.