Yes Bank has been imposed a penalty of ₹2.77 crore by the Income Tax Department. The bank made this announcement on Tuesday, September 28, 2024.
What Happened: The penalty was levied under Section 271(1)(c) of the Income Tax Act, citing the bank’s alleged provision of inaccurate income particulars for the assessment years 2011-12 to 2013-14. The bank received three separate orders from the Income Tax Department on September 28, imposing the penalty.
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Yes Bank maintains that the penalty demands fall below the material threshold limit currently applicable to the bank. “The Bank believes that it has adequate factual and legal grounds to reasonably substantiate its position in this matter and does not expect any material impact on the financial, operation or other activities of the Bank due to the said orders,” the lender said in a regulatory filing.
Earlier in September, Yes Bank’s credit rating was upgraded by CARE Ratings for its various debt instruments. The upgrade was attributed to the bank’s continued growth in advances, improvement in retail lending and small & medium enterprises (SME), and reduction in higher ticket corporate lending.
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