If the sub is submerged you can sink it, but it requires you doing the same amount of damage as is necessary to sink a surfaced submarine. This doesn't sound so hard until you realise that the target is effectively just the periscope. Any munition or blast effect that doesn't hit the periscope is considered a miss.
It takes an unrealistically large bomb and a VERY accurate hit to kill a submerged sub...you cant skip bomb a periscope!The most likely scenario I have used is flying the modded B24 in a RAF coastal command skin attacking a Milch Kuh (Milk Cow refuelling sub )with one or two ,maybe even three subs 'parked' around it .Unfortunately the defensive aa fire is savage ...The 16x500lb loadout will take out 8 surfaced subs potentially but I dont know would it be possible to even get one submerged one.I needed minimum SC1800(kg) to sink a submerged sub