IDBI Bank has been slapped with a penalty of ₹5.50 crore by the Assessment Unit Income Tax Department. The penalty pertains to financial year 2020-21 and is related to additions sustained by the Assessing Officer during the course of a set-aside assessment.
The order was issued under section 270A of the Income Tax Act, 1961, and the bank received the direction on 20 March 2026. The penalty is a result of alleged contraventions committed during the specified period.
IDBI Bank is currently assessing the situation and is considering pursuing appropriate legal remedies, including filing an appeal, as per the law.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).