Tamilnad Mercantile Bank Receives Rectification Order Reducing Income Tax Demand
Tamilnad Mercantile Bank Limited has announced a reduction in a prior Income Tax demand for the Assessment Year (A.Y.) 2013-14. The bank confirmed receiving a Rectification Order from the Office of the Deputy Commissioner of Income Tax, Circle 1, Tirunelveli, significantly adjusting the initially levied tax amount.The order, dated May 14, 2026, revised the demand notice that had originally been issued. The initial demand notice, which was associated with an amount of Rs. 2,04,23,11,454 (Rupees Two Hundred Four Crore Twenty-Three Lakh Eleven Thousand Four Hundred Fifty-Four Only), has been revised and reduced to Rs. 2,93,39,404 (Rupees Two Crore Ninety-Three Lakh Thirty-Nine Thousand Four Hundred Four Only).
This rectification was related to a demand raised by the Assessment Unit, Income Tax Department, concerning a disallowance of a claim made under Section 36(1) (viia) of the Income Tax Act, 1961, for A.Y. 2013-14.
The key details of the demand rectification are summarized below:
| Detail | Original Demand Notice | Rectification Order (Received) |
|---|---|---|
| Assessment Year | A.Y. 2013-14 | A.Y. 2013-14 |
| Original Demand Amount | Rs. 2,04,23,11,454 | N/A |
| Rectified Demand Amount | N/A | Rs. 2,93,39,404 |
| Issuing Authority | Income Tax Department | Deputy Commissioner of Income Tax, Circle 1, Tirunelveli |
| Date of Order | N/A | May 14, 2026 |
The bank noted that this notice would not have a material impact on the institution's financial statement.
TMB Stock Price Movement
Tamilnad Mercantile Bank Limited (TMB) shares today shed 2.80% to settle at ₹666.35, marking a decline of ₹19.10. Trading saw a total volume of 174,918 shares, indicating significant selling pressure throughout the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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