Federal Bank to Receive ₹489.60 Crore Refund from Income Tax Department
The Federal Bank Limited announced on March 27, 2026, that it has received orders from the Income Tax Department, Corporate Circle 2 (1), Kochi, impacting assessment years 2015-16 and 2017-18. The orders, issued under Section 254 of the Income Tax Act, 1961, reflect a decision from the Income Tax Appellate Tribunal (ITAT) dated August 13, 2024.According to the orders received on March 26, 2026, the aggregate amount refundable to the bank, including interest under Section 244A of the Income-tax Act, totals ₹489,60,20,918.
| Detail | Amount (₹) |
|---|---|
| Refundable Amount (AY 2015-16 & 2017-18) | 489,60,20,918 |
The bank has requested that the stock exchanges take note of this information.
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