Bandhan Bank Gets Rs.119.38 Crore Income Tax Demand

Bandhan Bank Limited has been served with an income tax demand of Rs.119.38 crore by the Income Tax Department’s Faceless Assessment Unit. This demand is for 2022-23 (assessment year 2023-24) and has been served under Sections 143(3) and 144B of the Income Tax Act, 1961. The order of taxation was made under Section 156 of the Act after a close scrutiny of the bank’s financial records.

The tax demand has arisen due to the disallowance of certain expenditures and deductions claimed by the bank under various sections of the Income Tax Act. The notice was received by the bank on 25th March 2025, and the bank intends to appeal against the demand within the period. The bank feels that it has strong reasons to appeal and expects a substantial part of it to be withdrawn.

Even though this demand has been raised by the tax department, the bank made it clear enough that its normal financial operations and activities will remain unaffected. It has promised that it will abide by the rule of law and address the problem in the correct way.

Even after this news, Bandhan Bank share remained steady. In the BSE, the share price at closing was Rs.148.70, Rs. 1.15 or 0.78% higher. Shareholders did not react unfavourably, and the faith of the markets in the bank was strong.

The bank will fight the tax claim with the support of tax and legal experts. The final conclusion will be upon the consideration of the case by the superior officials. The investment community and banks will be monitoring with great attention to see what happens next in this regard.