Legal18 Mar 2026, 08:18 pm
Tamilnad Mercantile Bank Faces Rs. 204 Crore Demand from Income Tax Department
AI Summary
Tamilnad Mercantile Bank Limited has been served a Monetary Demand notice by the Assessment Unit, Income Tax Department, under Section 156 of the Income Tax Act, 1961. The notice, received on March 18, 2026, disallows the claim made under Section 36(1)(viia) of the Income Tax Act, 1961 for Assessment Year 2013-14, amounting to Rs. 2,04,23,11,454/- (Rupees Two Hundred Four Crore Twenty-Three Lakh Eleven Thousand Four Hundred Fifty-Four Only). The Bank is currently in the process of filing an appeal against this demand.
Key Highlights
- Tamilnad Mercantile Bank served a Monetary Demand notice by the Income Tax Department.
- The demand is under Section 156 of the Income Tax Act, 1961 and disallows the claim made under Section 36(1)(viia) for A.Y. 2013-14.
- The demanded amount is Rs. 2,04,23,11,454/- (Rupees Two Hundred Four Crore Twenty-Three Lakh Eleven Thousand Four Hundred Fifty-Four Only).
- The Bank is in the process of filing an appeal against this demand.
- The demand is not expected to have a material impact on the bank’s financial statement.