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After the market closed, a big update has come about Tamilnad Mercantile Bank. The company has informed in the exchange filing that it has received an income tax notice for the assessment year 2017-18. According to the filing, the bank has received an income tax demand notice of Rs 58.91 crore.
The assessment unit of the Income Tax Department has issued a demand notice to the bank under section 156 of the Income Tax Act, 1961. This notice relates to the assessment year 2017-18, demanding Rs 58,91,27,098. The bank received this notification on March 11, 2025. This demand has been imposed due to some additions and unapproved claims.
However, the bank believes that this demand will not have any significant impact on its financial performance, operations or other activities. The bank has started the process of challenging this notice at the appropriate forum.
