Yes Bank on Thursday said it has received a rectification order from the Jurisdictional Assessing Officer (JAO), effectively deleting the income-tax demand of ₹2,209.17 crore.
The demand was linked to a reassessment order issued for Assessment Year (AY) 2019–20 under Section 147 of the Income-tax Act, 1961. While the reassessed income remained unchanged from the amount reported in the Bank’s Return of Income and the original assessment order, the computation sheet had erroneously reflected a tax liability of ₹2,209.17 crore (including interest), which the Bank had earlier stated appeared to be “without any basis.”
Yes Bank subsequently initiated appeal and rectification proceedings under applicable provisions of the Act.
In response to the rectification application filed by the Bank, the JAO has now issued an order under Section 154 of the Income-tax Act on April 24, 2025, removing the aforementioned tax demand.
The Bank has confirmed receipt of the rectification order and said the matter now stands resolved.
Source #ET
