Yes Bank receives IT demand notice, Indigo gets tax penalty

“The order has been passed on the basis of an erroneous understanding that an appeal filed by the company before the Commissioner of Income Tax (Appeals) against the assessment order under Section 143(3) has been dismissed, whereas the same is still alive and pending adjudication,” the airline said.

InterGlobe Aviation said that it will contest the order and shall take appropriate legal remedies. It said that the order does not have any significant impact on financials, operations or other activities of the company.

Yes Bank in a regulatory filing on Saturday said that the bank has received a demand notice for Rs 2,209 crore related to the 2019-20 assessment year. The reassessment was carried out by the National Faceless Assessment Unit after the I-T department reopened the case in April 2023. However, Yes Bank, in its regulatory filing, stated that the original income assessed under section 144 of the Income Tax Act remained unchanged.

“The grounds on which the reassessment proceedings were initiated have been dropped,” the bank said and that no fresh disallowances or additions had been made. The lender said that no demand should have been raised.

The demand notice includes an interest component of Rs 243.02 crore, bringing the total to Rs 2,209.17 crore. Yes Bank said that it does not anticipate any significant negative impact on its financial or operational activities and plans to challenge the reassessment order through appeal and rectification proceedings under applicable laws. The bank is confident in its position and intends to pursue all necessary legal avenues to address the issue, it said.