Federal Bank is set to receive a substantial refund amounting to ₹489,60,20,918 from the Income Tax Department. The refund, which includes interest under Section 244A of the Income Tax Act, pertains to the assessment years 2015-16 and 2017-18. This development follows the issuance of orders by the Income Tax Department, Corporate Circle 2 (1), Kochi, on 26 March 2026. These orders were issued in compliance with the Hon’ble Income Tax Appellate Tribunal (ITAT) order dated 13 August 2024.
The refund order was received by the bank at 8:09 p.m. on 26 March 2026, marking a significant financial event for the bank. The orders give effect to the ITAT’s decision, which had been awaited since the tribunal’s ruling in August 2024. The bank is expected to benefit from this refund, which will positively impact its financial position.
The Federal Bank has duly informed the National Stock Exchange of India (NSE) and BSE Limited about this development, in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This disclosure ensures transparency and keeps stakeholders informed about significant financial transactions affecting the bank.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).