Yes Bank Challenges Unjust Tax Demand: An Unsettled Case

Yes Bank received a Rs 244.20 crore tax demand for the 2016-17 assessment year. The bank disputes the reassessed income calculations and intends to file a rectification application and appeal against the demand, citing lack of substantial reasons behind the increase.

Yes Bank disclosed receipt of a taxing demand amounting to Rs 244.20 crore concerning the 2016-17 fiscal year, as confirmed in regulatory filings on Wednesday.

The demand stems from reassessment calculations, which considered the income reported in the returns rather than assessed figures, leading to an inflation in computed tax obligations.

In response, Yes Bank plans to promptly file for rectification and pursue additional remedies, arguing the recalculated demand lacks meaningful justification and merits reconsideration.

(With inputs from agencies.)