Yes Bank Faces Controversial ₹2,209 Crore Tax Demand

Yes Bank received a Rs 2,209 crore tax demand notice for the 2019-20 assessment year. Despite no new disallowances in the reassessment, this demand was issued, leading Yes Bank to challenge the decision, asserting no adverse impact will result.

Yes Bank has been hit with a staggering Rs 2,209 crore tax demand for the assessment year 2019-20. The demand notice was issued despite a recent reassessment by the National Faceless Assessment Unit making no new disallowances.

In April 2023, the income-tax department reopened Yes Bank's file, but as of March 28, the grounds for reassessment were dropped. Consequently, the assessed total income remains unchanged, raising questions about the basis for the new tax demand.

Yes Bank stated its belief that it has solid grounds to contest the notice and plans to file an appeal. The bank expressed confidence that the demand won't adversely impact its financial operations.

(With inputs from agencies.)