Legal31 March 2026 at 08:24 am
Tamilnad Mercantile Bank Faces Rs. 5 Crore Demand from Income Tax Department
AI Summary
Tamilnad Mercantile Bank Limited has received a Notice of Demand from the Assessment Unit, Income Tax Department, raising a demand of Rs. 5,36,62,680 under Section 156 of the Income Tax Act, 1961. The demand is a result of the disallowance of an amount under Section 14A read with Rule 8D of the Income Tax Act, 1961 for A.Y. 2024-25. The Bank is expected to file an appeal against this demand. This demand notice is not expected to have a material impact on the bank’s financial statement.
Key Highlights
- Tamilnad Mercantile Bank has received a demand notice from the Income Tax Department.
- The demand is for Rs. 5,36,62,680 under Section 156 of the Income Tax Act, 1961.
- The demand is a result of the disallowance of an amount under Section 14A read with Rule 8D of the Income Tax Act, 1961 for A.Y. 2024-25.
- The Bank is expected to file an appeal against this demand.
- This demand notice is not expected to have a material impact on the bank’s financial statement.