Tamilnad Mercantile Bank Limited has informed the Exchange regarding rectification order received from the Income Tax Department under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
TMB · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 1.5 pts more than Nifty Microcap 250 and 1.7 pts more than its Private Sector Bank peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
Tamilnad Mercantile Bank received a rectification order from the Deputy Commissioner of Income Tax, Circle 1, Tirunelveli, significantly reducing a tax demand for Assessment Year 2013-14. The original demand notice issued in March 2026 was for Rs. 2,04,23,11,454 (approximately Rs. 204 crore), which has now been reduced to Rs. 2,93,39,404 (approximately Rs. 2.93 crore). The dispute originated from the Income Tax Department disallowing the bank's claim under Section 36(1)(viia) of the Income Tax Act, 1961. The bank clarified that this revised amount would not have a material impact on its financial statements.
The substantial reduction in the tax demand is a positive development for the bank, as the revised liability is less than 1.5% of the original demand. The bank has confirmed no material financial impact, which should be reassuring for shareholders.