Yes Bank Ltd. has received an income tax demand of Rs 2,209.17 crore including interest, as per a disclosure to the exchanges on Saturday.
The bank had originally received an order on Sept. 30, 2021 for assessment year 2019-20, when it was granted a refund in line with the return of income filed earlier, said the filing. However, it was reopened by the income tax department in April 2023.
The reassessment order was passed by the income tax department of the National Faceless Assessment Unit on March 28, in which effectively the grounds on which the reassessment proceedings were initiated have been dropped.
“Hence, the total income which was assessed in the original assessment order should have been remained unchanged and consequently, no demand should have been raised against the bank,” stated the filing.
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