The income tax department has raised a demand notice for Rs 204 crore on the Tamilnad Mercantile Bank (TMB) for the assessment year 2013-14. The demand has been raised under the provisions of section 156 of the Income Tax Act, disallowing the claim made under Section 36 (1) (viia) of the Income Tax Act, 1961, the private sector bank informed the stock exchange on Wednesday. Noting that it was in the process of filing an appeal, TMB said, the demand notice would not have material impact on its financial statement.
Source from: https://timesofindia.indiatimes.com/city/chennai/income-tax-department-raises-demand-notice-for-rs-204-crore-on-tmb/articleshowprint/129661509.cms
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