Tamilnad Mercantile Bank Limited has received a Notice of Demand under Section 156 of the Income Tax Act, 1961, from the Assessment Unit, Income Tax Department, for the regular Assessment under Section 143(3), pertaining to AY 2022-23. The Bank is in the process of challenging the said order in the appropriate forum against disallowances /additions made in the said order within the prescribed timelines. Brief details of litigation is Income Tax department, Assessment Unit completed the regular assessment under Section 143(3) and issued a Notice of Demand under Section 156 of the Income Tax Act, 1961, pertaining to AY 2022-23, wherein there is a demand of INR 1,100.4 million on account of certain additions and disallowances which were made. This information came to knowledge on 30 March 2024. Quantum of claims, if any INR 1,100.4 million on account of certain additions
and disallowances made.