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A penalty of Rs 564.44 crore has been imposed on Bank of India

Published on March 29, 2024
Current Context: The Bank of India has recently been imposed with a penalty of ₹564.44 crore by the Income Tax Department’s Assessment Unit for the assessment year 2018-19.
A penalty of Rs 564.44 crore has been imposed on Bank of India
  • The penalty was a result of various disallowances made
  • The bank received the order under Section 270A of the Income Tax Act, 1961.
  • In response to this, the bank is currently in the process of filing an appeal before the Commissioner of Income Tax, National Faceless Appeal Centre (NFAC), against the said order.
  • The bank believes that it has adequate factual and legal grounds to reasonably substantiate its position in the matter and expects the entire demand to subside.
  • The bank has assured that there will be no impact on its financial, operations, or other activities due to this penalty.
  • The bank’s shares closed at Rs 137, up 3.79 per cent over the previous close on the BSE.

Question:

Q.1 What is the penalty amount imposed on the Bank of India by the Income Tax Department’s Assessment Unit for the assessment year 2018-19?
a. ₹500 crore
b. ₹564.44 crore
c. ₹600 crore
d. ₹700 crore
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