Yes, Bank said Wednesday that he received a demand notice from RS 244.20 million rupees for the 2016-17 evaluation year.
The reevaluation order considered the income reported in the return of the income instead of the income evaluated, to calculate the reassessed income and taxes in this regard, yes, Bank said in a regulatory presentation.
Towards this, on April 15, 2025, the Jurisdictional Evaluation Officer (JAO) approved the rectification order that rectifies the error and recomputed tax demand, he said.
“This rectification order read with the spreadsheet and the demand notice has resulted in an additional tax demand for RS 244.20 million rupees … It has been significantly upward, without any convincing reason,” he said.
Regarding this order, the Bank would submit the rectification request with Jao on an immediate base, since the demand seems to not have the substance, and in addition, the bank would seek all the other available resources, including the presentation of an appeal, he said.