Yes Bank on Saturday said it received a tax demand notice of Rs 2,209 crore for the assessment year 2019-20.
According to the bank’s regulatory filing, the Income Tax Department reopened the assessment in April 2023. The reassessment order, issued by the National Faceless Assessment Unit on March 28, did not introduce any new disallowances or additions.
As a result, the grounds for reassessment were dropped, and the originally assessed income remained unchanged.
Despite this, the bank stated that a demand notice under Section 156 of the Income Tax Act, including Rs 243.02 crore in interest, was issued on the same date.
Yes Bank asserted that this demand appears to be “without any basis.” It intends to pursue an appeal and rectification proceeding under the applicable law.
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