State Bank of India Receives Income Tax Demand of ₹63,375.25 Crore
State Bank of India (SBI) announced today, March 20, 2026, that it has received an order from the Income Tax department demanding ₹63,375.25 crore, including interest, following scrutiny assessment proceedings for the Assessment Year 2023-24.The demand, issued by the Assessment Unit, stems from disallowances made on various grounds outlined in the order dated March 19, 2026, under Section 143(3) read with section 144C(3) and 144B of the Income Tax Act. SBI has previously engaged in litigation regarding similar grounds in prior years.
According to the bank, this matter exceeds the materiality threshold and the bank intends to contest the order through the appropriate appellate authorities. SBI stated that the order is not expected to impact the bank’s operations or other activities.
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