Central Bank of India has received an assessment order from the Income Tax Department, dated March 28, 2026, proposing a tax liability demand of ₹296.08 Crores for the Assessment Year 2024-25. The Bank is challenging the order in the appropriate legal forum, citing disallowances made in the assessment. The Bank currently does not anticipate any immediate financial impact, expecting relief upon dispute resolution.
Receipt of Income Tax Assessment Order
Pursuant to regulatory requirements, Central Bank of India hereby informs stakeholders about receiving a significant communication from the Income-tax Department. The communication pertains to an assessment order issued under Section 143(3) read with Section 144B of the Income Tax Act, 1961, dated March 28, 2026.
Material Details of the Demand
The order includes a demand notice advising the Bank to pay an amount totaling ₹296.08 Crores. This figure represents the proposed tax liability for the Assessment Year 2024-25. The demand arose due to re-computation of income and specific disallowances made by the tax authorities regarding claims detailed in the Bank’s income tax returns.
Bank’s Response and Expected Impact
The Bank is actively challenging these aforesaid orders. Management confirms it is in the process of filing an appeal before the appropriate forum against the disallowances and additions within the prescribed timelines. The Bank asserts that it possesses adequate factual and legal grounds to substantiate its position. Considering precedents from appellate authorities, the Bank expects that the entire demand will ultimately subside, and therefore, no material impact is anticipated on the Bank’s financial, operational, or other activities.
Source: BSE
