IOB to get ₹835.08 crore I-T refund

Indian Overseas Bank has informed the Bombay Stock Exchange that it will receive an income tax refund of ₹835.08 crore for the assessment year 2022–23, following an order issued by the Income Tax Department to give effect to a ruling by the Commissioner of Income Tax (Appeals). The bank said that it received the order under Section 250 of the Income Tax Act 1961. The refund amount includes interest payable under Section 244A.