State-owned Central Bank of India has been served a tax demand notice of Rs 296.08 crore by the Income Tax Department for an alleged tax payment shortfall in the financial year 2024-25, as per the bank’s regulatory filing. The notice, received on March 28, 2026, pertains to the assessment year 2024-25 and is associated with an alleged deficiency in tax payment. The assessment order under the Income Tax Act included disallowances and additions by tax authorities, leading to the demand.
The bank, disagreeing with the assessment, has initiated the process to challenge the order by filing an appeal with the appropriate authority within the stipulated timelines. Central Bank of India has expressed confidence in its stance, citing strong factual and legal grounds to contest the demand. Drawing on past appellate rulings in similar cases, the bank anticipates a favorable outcome.
Central Bank of India is actively pursuing an appeal against the disallowances/additions in the order, believing it can substantiate its position effectively based on factual and legal grounds. The bank remains optimistic about a positive resolution, expecting the entire demand to be alleviated. It clarified that the demand notice is not foreseen to have any financial or operational repercussions, with a resolution expected post the completion of the appeal process.
