Yes Bank Receives ₹244.20 Cr Tax Demand Notice, Plans Legal Challenge
Published • 17 April 2025 at 5:22 AM
Yes Bank Faces ₹244 Cr Tax Notice, Plans Legal Action
Yes Bank has received a demand notice of ₹244.20 crore from the Income Tax Department for the assessment year 2016–17. According to a regulatory filing on April 16, 2025, the reassessment order incorrectly considered the income reported in the return rather than the previously assessed income. As a result, the Jurisdictional Assessing Officer (JAO) passed a rectification order on April 15, 2025, recomputing the tax demand. However, the revised computation significantly increased the tax demand without clear justification, according to the bank. Yes Bank plans to challenge the demand by immediately filing a rectification application with the JAO. The bank also stated it will explore all legal remedies, including an appeal, as it believes the additional tax liability is unsubstantiated.
Yes Bank to Appeal ₹244 Cr Tax Notice Over Inflation
- Yes Bank received a tax demand notice of ₹244.20 crore from the Income Tax Department for the assessment year 2016–17.
- The reassessment order considered reported income instead of assessed income, leading to an inflated tax calculation.
- A rectification order was passed on April 15, 2025, by the Jurisdictional Assessing Officer (JAO).
- The revised tax demand significantly increased the amount without clear justification, as per the bank’s statement.
- Yes Bank plans to file a rectification application with the JAO immediately.
- The bank will also explore legal options, including filing an appeal, stating that the demand is unsubstantiated and unjustified.
