Bank of India Faces Rs.1.1 Billion Tax Demand

04 Apr 2024 CW Team

Bank of India, one of the leading public sector banks in India, is grappling with a substantial tax demand of ?1,128 crore (approximately $150 million). The tax demand stems from an order received by the bank, indicating the amount to be paid as taxes. This development comes amidst the challenging landscape of the banking sector, marked by increasing regulatory scrutiny and economic volatility.

The tax demand order, issued by the Income Tax Department, has put Bank of India in a tight spot, as it seeks to navigate through financial hurdles exacerbated by the ongoing economic downturn. With this sizable demand looming over its financial statements, the bank faces added pressure to manage its resources efficiently and mitigate potential impacts on its operations and profitability.

This tax demand highlights the complexities faced by financial institutions operating in India's dynamic regulatory environment. Despite being a stalwart in the banking sector, Bank of India must now confront this substantial financial obligation, which could strain its balance sheet and erode investor confidence.

The news of Bank of India's tax demand order underscores the broader challenges confronting the banking industry in India, including regulatory compliance, asset quality issues, and capital adequacy concerns. As the bank grapples with this latest development, stakeholders will closely monitor its response and strategies to address the tax liability while sustaining its core business activities.

In the face of mounting pressure, Bank of India's ability to effectively manage this tax demand and maintain its financial stability will be crucial in shaping its trajectory in the competitive banking landscape. This development serves as a reminder of the intricate regulatory landscape and financial uncertainties that banks must navigate in today's volatile market environment.

Infrastructure Transport

06 Feb 2026

Lucknow Metro East-West Corridor Consultancy Contract Awarded

The Uttar Pradesh Metro Rail Corporation has awarded the first construction-related consultancy contract for the Lucknow Metro East West Corridor to a joint venture of AYESA Ingenieria Arquitectura SAU and AYESA India Pvt Ltd. The firm was declared the lowest bidder for the Detailed Design Consultant contract for Lucknow Metro Line-2 under Phase 1B and the contract was recommended following the financial bid. The contract is valued at Rs 159.0 million (mn), covering design services for the corridor. Lucknow Metro Line-2 envisages the construction of an 11.165 kilometre corridor connecting Cha..

Div Com Kashmir Urges Fast Tracking Of Jhelum Water Transport Project

The Divisional Commissioner of Kashmir has called for the fast-tracking of the Jhelum water transport project, urging district administrations and relevant agencies to accelerate planning and clearances. In a meeting convened at the divisional headquarters, the commissioner instructed officials from irrigation, public health engineering and municipal departments to prioritise the project and coordinate survey and design work. The directive emphasised removal of administrative bottlenecks and close monitoring to ensure timely mobilisation of resources and contractors. Officials were told to in..

Interarch Reports Strong Q3 And Nine Month Results

Interarch Building Solutions Limited reported unaudited results for the third quarter and nine months ended 31 December 2025, recording strong revenue growth driven by execution and a robust order book. Net revenue for the third quarter rose by 43.7 per cent to Rs 5.225 billion (bn), compared with Rs 3.636 bn a year earlier, reflecting heightened demand in pre-engineered building projects. The company’s total order book as at 31 January 2026 stood at Rs 16.85 bn, supporting near-term visibility. EBITDA excluding other income for the quarter increased by 43.2 per cent to Rs 503 million (mn),..