Karur Vysya Bank has received a favourable order from The Hon’ble Income Tax Appellate Tribunal. This order effectively sets aside the previous demand of ₹40.34 crore raised by the Income Tax Department for the assessment year 2022-23. The bank had appealed the order passed by the Commissioner of Income Tax (Appeals), and the tribunal’s decision is expected to have no adverse impact on the bank’s financial operations.
Favorable Tax Tribunal Order Received
Karur Vysya Bank Limited has announced receiving a favourable order from The Hon’ble Income Tax Appellate Tribunal. This development pertains to a tax dispute concerning the Assessment Year (AY) 2022-23, which corresponds to the Financial Year (FY) 2021-22. The order from the Tribunal sets aside the previous order passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre.
Impact of the Tribunal’s Decision
The dispute initially involved a demand of ₹40.34 crore raised by the Income Tax Assessment Unit. Following the appeal filed by the bank, the Commissioner of Income Tax (Appeals) had partially allowed the appeal. However, The Hon’ble Income Tax Appellate Tribunal’s latest ruling is a significant win for the bank, as it completely sets aside the order of the Commissioner. Consequently, the bank anticipates no impact on its financial operations or other activities as a result of this litigation.
Disclosure Details
The opposing party in this matter was the Faceless Assessing Officer, National Faceless Assessment Unit. The litigation was initiated on 12/04/2024. As per the last disclosure, the bank had received an order from the Commissioner of Income Tax (Appeals) which partly allowed the appeal against the demand. The bank believed it had strong grounds to substantiate its position and expected the entire demand to be set aside. The current status confirms this expectation with the favourable order from the Income Tax Appellate Tribunal.
Source: BSE
