Chennai: Indian Overseas Bank (IOB) has received a demand notice from the income tax department for Rs 766 crore. It pertains to AY 2015-16. The authority has identified re-computation of income and disallowances made concerning claims made in the income tax returns as aberrations/noncompliances, the bank informed the stock exchange on Tuesday. It is in the process of filing an appeal before the appropriate forum against the disallowances /additions made in the order within the prescribed timelines. Looking at the precedence/orders of appellate authorities, the bank said, it expects that the entire demand will subside. No impact is expected on financial, operations or other activities of the bank, it added. TNN
