Yes Bank Income Tax Demand Notice: There is bad news for investors who have invested in Yes Bank shares. When the stock market opens on Tuesday, the bank’s stock may see huge fluctuations. Yash Bank has got a bad blow, Income Tax has taken action and issued a notice.
Table of Contents
Yes Bank Income Tax Demand Notice
Actually, Yes Bank has received a demand notice of Rs 2,209 crore from the Income Tax Department. Yes Bank has received an income tax demand notice of Rs 2,209 crore for the assessment year 2019-20. The bank informed about this in the exchange filing. Yes Bank believes that this demand is wrong.
Yes Bank Said On Yes Bank Income Tax Demand Notice
Yes Bank has said that it received an order dated September 30, 2021, under section 144 of the Income Tax Act, 1961, for the assessment year 2019-20. In this, the bank was provided a refund in line with the refund claimed in the previously filed income tax return. The relevant assessment year was reopened by the Income Tax Department in April 2023.
Yes Bank Income Tax Demand Notice: Assessment Unit of the Department
The National Faceless Assessment Unit of the department passed the re-assessment order on March 28, 2025. No additional disallowances/additions have been made to it. That is, the grounds on which re-assessment proceedings were initiated have been dropped.
Thus, the total amount of income assessed in the original assessment order passed under section 144 of the Act remained the same in the re-assessment order. Consequently, no income tax demand should have been raised against the bank.
This demand has been made without any basis. Yes Bank further said, ‘Despite this, income tax demand of Rs 2,209.17 crore including interest has been made in the computation sheet and demand notice issued under section 156 of the Act. This prima facie demand appears to be made without any basis.’ The Bank believes that it has sufficient grounds to substantiate its position in the matter and does not expect any adverse impact on its financial, operational or other activities due to the said order.
Basis for presenting your case to the bank The order will have no impact on the finances The bank believes that it has sufficient grounds to properly certify its position in this matter. Yes Bank will appeal and take action against this re-assessment order under applicable law. The bank also said that the order is unlikely to have any impact on its finances, operations and other activities.
Money & Banking | YES Bank has received a demand notice of ₹2,209 crore from the Income Tax Department. What impact will this hefty #tax demand have on the bank’s operations and financial standing?
— businessline (@businessline) March 30, 2025
Read more: https://t.co/qQcVE0whOm
The bank said it would appeal against the said revaluation order under applicable law. Shere performance Yes Bank’s stock closed at Rs 16.85 on Friday, down 2.38%. The bank’s market cap is Rs 53.20 thousand crores. The stock price has fallen 25% in the last 6 months and about 15% so far in the year 2025. The company’s stock has fallen 31% in a year. Public shareholders hold a 100% stake in the bank.
Jay Chavda He is the Founder and Writer of businesspulsecare.com. He is an I.T Engineer, Freelancer, Businessman. He posts Business, Stock/Share Market, Finance Related News and updates on the website. 🔗