State Bank of India has disclosed the receipt of an order from the Income Tax department raising a demand of ₹63,37,52,52,550/-, which includes interest. This demand stems from scrutiny assessment proceedings related to Assessment Year 2023-24. The bank noted that the Assessment Unit made several disallowances, citing similar ongoing litigation from previous years. SBI plans to contest the order through appropriate appellate channels.
Tax Assessment Demand Raised on SBI
State Bank of India (the Bank) has informed the stock exchanges about receiving an official Order dated 19.03.2026 from the Income Tax department regarding assessment proceedings for the Assessment Year AY 2023-24. This order mandates a significant financial demand.
Key Financial Figure of the Demand
The core issue involves a demand notice amounting to ₹63,37,52,52,550/- (Rupees sixty-three thousand, three hundred seventy-five crore, twenty-five lakh, twenty-five thousand, five hundred and fifty only), which notably includes interest accrued. The demand was generated following scrutiny assessment proceedings where the Assessment Unit cited disallowances based on various grounds.
Litigation Context and Future Steps
The Bank highlighted that it is presently involved in litigation concerning similar grounds raised by the tax authorities in earlier assessment years. Since the total amount involved in this new order exceeds the materiality threshold, the disclosure was deemed necessary. The Bank confirmed it will take necessary legal steps, including contesting the Order before the relevant appellate authorities within the stipulated timelines.
Operational Impact
Importantly, the Bank confirmed that the issuance of this tax demand order will have no impact on the Bank’s daily operations or other ongoing business activities.
Source: BSE
