YES BANK announced a significant tax refund of ₹879 Crores following favorable orders from the first-level appellate authority. This refund, received after reassessment proceedings for AY 2018-19, includes interest income and a tax benefit exceeding the materiality threshold. The bank had initially faced additional tax demands but has now secured a substantial financial benefit.
YES BANK Secures Major Tax Refund
YES BANK has received a consolidated order giving effect (OGE) from the Jurisdictional Assessing Officer (JAO) Mumbai, confirming a refund of ₹879 Crores. This development follows a series of assessment and reassessment proceedings concerning Assessment Year (AY) 2018-19.
Litigation Background
The bank was initially issued an assessment order in March 2020 for AY 2018-19, which included certain additions and disallowances. Subsequently, a reassessment order was passed in March 2024, leading to an additional tax demand of ₹112.81 Crores, including interest. This demand was previously disclosed by the bank in a letter dated March 28, 2024.
Appellate Authority Decision
Aggrieved by these orders, YES BANK filed appeals before the first-level appellate authority. The authority passed its orders on October 27, 2025, and December 30, 2025, in favor of the bank regarding the assessment and reassessment orders, respectively.
Refund Details and Impact
The refund of ₹879 Crores comprises interest income determined under Section 244A of the Income-tax Act and a tax benefit related to an expense claimed in the income-tax return. The cumulative quantum of these benefits significantly exceeds the materiality threshold of approximately ₹120 Crores, as stipulated under the amended Listing Regulations.
The bank has made the relevant disclosures as per the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the associated master circulars. The weblink for further details is hosted on the bank’s website, www.yes.bank.in.
Source: BSE
