Income Tax officials on Tuesday conducted an inspection at the head office of Tamilnad Mercantile Bank (TMB) at Tuticorin for the verification of statutory compliances by the private sector lender. Around a dozen of officials visited the bank’s office in the morning and started inspection of the documents.
TMB while confirming the IT inspection at its head office, said the bank has fully co-operated with the officials during the proceedings.TMB in filing with stock exchanges said, “We hereby notify that the Intelligence and Criminal Investigation Directorate of Income Tax, Chennai, is conducting a spot verification of statutory compliances under section 285BA of the Income Tax Act, 1961 at our head office.”
The bank is fully co-operating with the officials during the ongoing proceedings and responding to the clarifications and details sought by them, the bank said in its disclosure. “We will continue to provide any further clarification / information that may be required. The business operations of the bank continued as usual and were not impacted due to the verification. We will comply with our legal obligation for disclosure from time to time,” it said.