Yes Bank gets demand notice of Rs 244 crore from I-T department

Yes Bank

Yes Bank on Wednesday said it has received a demand notice of Rs 244.20 crore for assessment year 2016-17.

The reassessment order considered the income reported in the return of income instead of assessed income, for computing the reassessed income and tax thereon, Yes Bank said in a regulatory filing.

Towards this, on April 15, 2025, the Jurisdictional Assessing Officer (JAO), passed the rectification order rectifying the mistake and recomputed the tax demand, it said.

"The said rectification order read with Computation Sheet and Notice of Demand has however resulted into additional tax demand of Rs 244.20 crore...has been recomputed significantly upwards, without any cogent reasons," it said.

Against this order, the bank would file rectification application with JAO on an immediate basis as the demand appears to be unsubstantiated, and further, the bank would pursue all other available remedies, including filing an appeal, it said.