IDBI Bank has been penalized Rs.0.35 crore by the Deputy Commissioner, West Bengal due to alleged excess availment and utilization of Input Tax Credit (ITC). The penalty arises from issues related to same PAN non-filers and cancelled tax payers during the financial year FY 2021-22. The bank is evaluating appropriate legal remedies, including an appeal.
Penalty Details
IDBI Bank has received a penalty of Rs.0.35 crore imposed by the Deputy Commissioner, West Bengal. The order, which was received on December 29, 2025, relates to matters pertaining to the FY 2021-22 period.
Reason for Penalty
The penalty has been levied due to the alleged excess availment and utilization of Input Tax Credit (ITC) related to entities with the same PAN, non-filers, and cancelled tax payers.
Financial Impact
The total financial implication includes:
- Tax: Rs. 3.55 crore
- Interest: Rs. 2.36 crore
- Penalty: Rs.0.35 crore
The bank is currently assessing appropriate legal remedies, including the possibility of an appeal.
Source: BSE
