SBI receives a major blow from Income Tax, receives a demand notice of Rs 6,337 crore; impact on shares will be visible on Monday!

News Topical, Digital Desk : India's largest public sector bank, State Bank of India, has received a demand notice of ₹6,338 crore from the Income Tax Department for the assessment year 2023-24. The bank disclosed this in an exchange filing. This could impact the bank's shares ( SBI Bank Shares ) on Monday.

This demand, amounting to ₹6,338 crore, including interest, arises from various rejections made by the appraisal body during the review process. SBI clarified that this demand will not impact its operations or business activities. The bank also stated that it will take appropriate legal action, including filing an appeal before the relevant appellate authorities within the stipulated timeframe.

The bank said this

SBI stated that similar tax cases have been pending in court in previous years, indicating that the current demand is not an isolated issue but rather part of an ongoing dispute. Since the amount exceeds the materiality threshold, the bank has informed its stakeholders.

The order dated March 19, 2026, has been issued under sections 143(3), 144C(3) and 144B of the Income Tax Act, the exchange filing said.

SBI shares closed 0.9 percent higher at ₹1,058.3 per share on the NSE on Friday. At this level, SBI shares have gained 7.5 percent so far this year, outperforming the 11.6 percent and 10.5 percent declines in the Nifty 50 and Nifty Bank indices, respectively.

The stock, which is part of both these indices along with several other market indicators, has returned 40.5 per cent in the last one year, while Nifty 50 has declined by 1.0 per cent and Nifty Bank has gained 5.6 per cent.

Read More: SBI receives a major blow from Income Tax, receives a demand notice of Rs 6,337 crore; impact on shares will be visible on Monday!