Private lender YES Bank Ltd on Wednesday said it has received a consolidated order giving effect from the Jurisdictional Assessing Officer determining an income-tax refund of around ₹363 crore for assessment year 2017-18. The refund includes interest income determined under Section 244A of the Income-tax Act, 1961, and a tax benefit related to an expense claimed in the income-tax return.
The cumulative amount of these two components is above the materiality threshold of around ₹120 crore under the amended listing regulations. The matter relates to an assessment order passed in December 2019 under Section 143 of the Income-tax Act, in which certain additions and disallowances were made for AY 2017-18.
The order made further additions and disallowances to the income determined in the original assessment. The reassessment order had considered the income reported in the return instead of the assessed income for computing the reassessed income and tax.
To rectify this, the JAO and Centralised Processing Center passed rectification orders on April 15, 2025, and recomputed the tax demand. The bank subsequently filed a rectification application and received another rectification order under Section 154 on December 31, 2025.
Following those orders, the bank received the consolidated OGE from the JAO on September 30, 2026. The bank said the expected financial implication is not applicable, while the quantum of the claim is an income-tax refund of around ₹363 crore, including interest and the tax benefit related to the expense claimed in the income-tax return.
Shares of YES Bank ended at ₹20.95, up by ₹0.090, or 0.43%, on the BSE.