Tamilnad Mercantile Bank Limited has informed the Exchange regarding Monetary Demand raised by the Assessment Unit, Income Tax Department - Intimation 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.
The Income Tax Department's Assessment Unit has raised a monetary demand of Rs. 17,75,40,410 (approx. Rs. 17.75 crore) on Tamilnad Mercantile Bank. The demand, issued via a notice dated March 30, 2026 under Section 156 of the Income Tax Act, relates to the disallowance of a claim made under Section 36(1)(viia) of the Act for Assessment Year 2016-17. The order was passed under Section 143(3) read with Section 254 and Section 144B of the Income Tax Act. The Bank has stated it is in the process of filing an appeal and expects the matter to be resolved in its favour.
The Bank has stated the demand will not have a material impact on its financial statements, and intends to contest it through an appeal. Shareholders should monitor the appeal outcome, though near-term sentiment may see mild pressure given the size of the demand.