Karur Vysya Bank (KVB) has addressed notices regarding the re-assessment of income tax for the financial years 2020-21, 2021-22, and 2022-23. The bank has filed writ petitions with the Madurai bench of the Madras High Court challenging the re-opening of these assessments. KVB believes this matter is unlikely to have a material impact on its financial position or operations. Legal measures are in place to defend the bank’s position.
Update on Income Tax Re-assessment
Karur Vysya Bank (KVB) is addressing notices received related to the re-assessment of income tax for Assessment Years 2020-21, 2021-22, and 2022-23. These notices were issued by the Jurisdictional Assessing Officer of Income Tax Department.
Legal Action Taken
In response to these notices, KVB has filed Writ Petitions before the Madurai bench of the Madras High Court. These petitions challenge the validity of the re-assessment proceedings.
Potential Impact Assessment
The bank anticipates that the ongoing matter is not likely to have any significant material impact on its financial standing or operational performance. KVB maintains that it possesses adequate legal grounds and is prepared to defend against the issues raised during the re-assessment.
Details of Litigation
KVB has received notices under Section 148 and orders under Section 148A(3) of the Income-tax Act, 1961, initiating the re-opening of assessments. The opposing party is the Jurisdictional Assessing Officer of Income Tax Department. A Writ Petition was filed on September 22, 2025, before the Madurai Bench of the High Court.
Source: BSE
