Indian Overseas Bank receives IT refund order for Rs. 808.29 crores

Indian Overseas Bank has received an order under Section 250 of the Income Tax Act, 1961 advising the Bank that an order dated 31.07.2024 has been passed giving effect to the order CIT (Appeals) DIN: ITBA/NFAC/S/250/2022-23/1048561886 (1) dated 09.01.2023 & ITBA/NFAC/S/250/2022-23/1051099433(1) dated 22.03.2023.

As per the order dated 31.07.2024, the amount refundable to the Bank for the AY 2013-14 including interest u/s 244A of the Income-tax Act is ₹808,29,94,066/- (Rupees Eight Hundred and Eight Crores Twenty Nine Lakhs Ninety Four Thousand and Sixty Six Only).

The order was received through Income Tax Portal on 11.12.2024 and the Bank also became aware of the information in respect of the above said order on 11.12.2024.

Shares of Indian Overseas Bank was last trading in BSE at Rs. 57.56 as compared to the previous close of Rs. 56.85. The total number of shares traded during the day was 1161951 in over 4137 trades.

The stock hit an intraday high of Rs. 59.50 and intraday low of 57.21. The net turnover during the day was Rs. 67494842.00.

Source : Equity Bulls

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IndianOverseasBank INE565A01014 IOB ITRefund