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

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.

• 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