TMB Faces ₹17.75 Cr Income Tax Demand

Tamilnad Mercantile Bank received an income tax demand of ₹17.75 crore for Assessment Year 2016-17.
The demand arises from disallowance of a claim under Section 36(1)(viia) of the Income Tax Act, 1961.
The bank intends to file an appeal and expects the demand to be ruled in its favour; no material financial impact anticipated.