YES Bank Tax Demand Of ₹22.09 Billion Revoked by Tax Department

YES Bank on Thursday said it has received a rectification order from the jurisdictional assessing officer, revoking an income tax demand of ₹22.09 billion, including interest of ₹2.43 billion, raised for the assessment year 2019-20.

The bank had received the demand notice in March. 28 from the National Faceless Assessment Unit of the Income Tax Department. At the time, it had said it would pursue an appeal and rectification proceedings against the reassessment order.

In a separate development, Yes Bank received two additional tax demand notices from the jurisdictional assessing officer, Mumbai, on April 16 for assessment year 2017-18; one for ₹2.92 billion and another for ₹2.44 billion. The bank has said it will file rectification applications for both.