Sure Financial Institution Receives Call For Observe Of Rs 2,209 Crore From I-T Dept
sure bank on saturday said it has obtained a call for notice of Rs 2,209 crore for the assessment year 2019-20. The stated assessment year changed into reopened by the income-tax department in april 2023, sure bank said in a regulatory submitting. The reassessment order become handed through the country wide Faceless evaluation Unit of the income-tax department on march 28, in which no additional disallowances or additions were made, that is, the grounds on which the reassessment proceedings have been initiated were dropped, it said.
As a consequence, the total earnings that changed into assessed inside the authentic assessment order passed below segment 144 of the earnings Tax Act has remained unchanged within the reassessment order and consequently, no call for ought to were raised towards the financial institution, it stated. But, it stated, in spite of this, the computation sheet and the notice of call for issued below segment 156 of the Act, of even date, have raised an profits-tax demand amounting to Rs 2,209.17 crore, consisting of hobby of Rs 243.02 crore, which prima facie appears to be "without any foundation".
Consequently, the bank believes that it has adequate grounds to reasonably substantiate its role in this matter and does not expect any material detrimental impact on its economic, operation or other sports because of the said order, it said. The financial institution would pursue an appeal and rectification lawsuits towards the said reassessment order under the relevant law, it introduced.
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