Kotak Mahindra Bank to appeal tax penalty over vendor information delay

Kotak Mahindra Bank has received a penalty order from the Income Tax Department, dated September 29, 2023, imposing a fine of ₹10,900 under section 272A(2)(c) of the Income Tax Act, 1961. 

This penalty is related to a delay in providing specific information requested by the Income Tax Department regarding a third-party vendor associated with the bank. The delay primarily occurred due to the high volume of statutory notices received by the bank around the submission deadline. 

In response, the bank plans to file an appeal against this penalty order, following the appropriate legal procedures. The penalty amount, quantified at ₹10,900, has been levied on the bank.