 "People stand in front of the logo of Punjab National Bank outside a branch of the bank in New Delhi | Photo: Reuters")
With the advance tax deadline approaching fast, the income-tax (I-T) department has asked Punjab National Bank (PNB) about the treatment of Rs 129 billion, the amount involved in the letters of undertaking (LoUs) fraud, in its books, and the tax liability arising out of the scam.
I-T officials have questioned PNB Manging Director and Chief Executive Sunil Mehta and other officials to determine how the LoUs were recorded in the bank’s books.
“We are interested in PNB’s profitability. It is, after all, one of our largest taxpayers. We want to know how will it treat the Rs 129
I-T officials have questioned PNB Manging Director and Chief Executive Sunil Mehta and other officials to determine how the LoUs were recorded in the bank’s books.
“We are interested in PNB’s profitability. It is, after all, one of our largest taxpayers. We want to know how will it treat the Rs 129
