Board of KRBL approves to challenge demand raised by IT dept

At meeting held on 08 February 2019

The Board of KRBL at its meeting held on 08 February 2019 has reviewed the demand raised by the Income Tax Department for the assessment years AY 2010-11 to AY 2016-17, and approved to challenge the demand through the appellate process enunciated in the Income Tax Act, 1961 on the grounds of it being erroneous in facts and in law.

The Department has made total income tax demand of Rs. 757.44 crore and interest (Rs. 511.76 crore) thereon for the above mentioned seven assessment years.

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