Public sector Indian Overseas Bank (IOB) on Thursday (September 19) said it has received an order from the Income Tax Department under Section 250 of the Income Tax Act, 1961, confirming a refund of ₹123.87 crore. The refund, including interest under Section 244A of the Act, pertains to the assessment year 2021-22.

“As per the order dated 22.08.2024 (uploaded in Income-tax Portal) on 18.09.2024, the amount refundable to the Bank for the AY 2021-22 including interest u/s 244A of the Income-tax Act is ₹123,86,61,549,” Indian Overseas Bank said in a regulatory filing.

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The bank was notified of the order, dated August 22, 2024, which was issued in accordance with the earlier ruling by the Commissioner of Income Tax (Appeals) on December 12, 2023. The order was uploaded on the Income Tax portal on September 18, 2024, and the bank became aware of it on September 19, 2024.

“Further, we wish to inform you that the order was uploaded in the Income-tax Portal on 18.09.2024 and the Bank became aware of the information in respect of the above-said order on 19.09.2024,” the bank added.

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Shares of Indian Overseas Bank ended at ₹57.46, down by ₹1.55, or 2.63%, on the BSE.