State Bank of India (SBI) has been issued a tax demand order amounting to ₹63,37,52,52,550, including interest, by the Income Tax department. The order, dated 19 March 2026, was issued under Section 143(3) read with sections 144C(3) and 144B of the Income Tax Act, following scrutiny assessment proceedings for the assessment year 2023-24.
The Assessment Unit of the Income Tax department has raised this demand based on disallowances made on various grounds. SBI is already engaged in litigation on similar grounds from previous years. Given that the amount involved in this order exceeds SBI’s materiality threshold, the bank has reported the matter as required.
SBI has stated that it will take appropriate steps to contest the order before appellate authorities within the prescribed timelines. The bank also assured that there is no impact on its operations or other activities due to this order.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).