Yes Bank has received a consolidated order giving effect (OGE) from the Jurisdictional Assessing Officer (JAO) determining a refund of approximately ₹363 crore for assessment year (AY) 2017-18. The order, dated September 30, 2026, follows successful appeals against earlier assessment and reassessment orders.

The bank disclosed this development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 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 quantum of these items exceeds the materiality threshold of ~₹120 crore prescribed under amended Listing Regulations.

Background of the Tax Dispute

The dispute originated with an assessment order passed under Section 143(3) in December 2019, which included certain additions and disallowances. Subsequently, reassessment proceedings were initiated, leading to an order under Section 147 read with Section 144B in March 2022. This reassessment order erroneously considered income reported in the return rather than the assessed income for computing tax demand.

Rectification orders were passed by the JAO and Centralized Processing Center (CPC) on April 15, 2025, to correct this mistake. Yes Bank filed a rectification application against this order and received a subsequent rectification order under Section 154 on December 31, 2025.

Appellate Authority Rulings

Yes Bank appealed the assessment, reassessment, and rectification orders before the first-level appellate authority. The appellate authority passed orders in October 2025 and November 2025 favoring the bank. Pursuant to these rulings, the JAO issued the consolidated OGE resulting in the refund determination.

Financial Implications

The bank stated that there are no expected financial implications due to compensation or penalties arising from this specific litigation event. The refund represents a recovery of previously paid or demanded taxes, adjusted for interest and allowable deductions. The disclosure was made via intimation YBL/CS/2026-27/101.

The Supreme Court is scheduled to hear a plea filed by Yes Bank and Axis Bank in connection with a forensic audit case.

Case background

The matter involves a forensic audit case in which both Yes Bank and Axis Bank have approached the Supreme Court. The apex court is set to take up the plea for hearing on Tuesday.