New Delhi, March 31, 2026
State-owned Central Bank of India has received a tax demand notice of Rs 296.08 crore from the Income Tax Department for an alleged shortfall in tax payment for the financial year 2024-25, according to its regulatory filing on Tuesday.
The public sector lender said that the notice relates to the assessment year 2024-25 and is linked to an alleged shortfall in tax payment.
In the exchange filing, the bank said it received the assessment order dated March 28, 2026, under relevant sections of the Income Tax Act.
The order includes certain disallowances and additions made by the tax authorities, which led to the demand.
“The demand Notice dated 28.03.2026 for Rs 296.08 Crores was uploaded in the Income Tax Portal by the Assessment Unit of the Income Tax Department which is seen by the Bank on 30.03.2026,” it said.
The bank has made it clear that it does not agree with the assessment and will challenge the order.
It said the process to file an appeal before the appropriate authority is already underway and will be completed within the prescribed timelines.
Central Bank of India also expressed confidence in its position, stating that it has strong factual and legal grounds to contest the demand.
Based on past rulings by appellate authorities in similar matters, the bank expects to receive relief in this case.
“The Bank is in the process of filing an appeal before the appropriate forum against the disallowances/ additions made in the aforesaid order within the prescribed timelines,” the bank said.
“Looking to the Precedence/ Orders of appellate authorities, the Bank believes that it has adequate factual and legal grounds to reasonably substantiate its position in the matter and considering the Inter expected relief, the Bank expects that the entire demand will subside,’ it added.
The lender further said that it does not expect any financial or operational impact due to the demand notice.
It believes that the issue will be resolved in its favour once the appeal process is completed.
“As such, no impact is expected on financial, operations or other activities of the
Bank,” the public sector lender mentioned.(Agency)
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