IDBI Bank Gets Windfall Tax Refund Of ₹2,702 Crore

Mumbai: Private sector lender IDBI Bank Ltd has received an income tax refund order amounting to ₹2,701.62 crore including interest for the assessment year 2016-17 on Friday.

The windfall refund order was issued under Section 254 read with Section 143(3) of the Income Tax Act, 1961, by the Income Tax Department on June 7, 2024 which led the shares of IDBI Bank rise by 2.07% at ₹85.46 on the BSE.

The private sector bank in regulator filings said it was currently in the process of evaluating the implications of this refund order on its financial statements.