I-T spot verification at head office of TMB; bank says extended cooperation

CHENNAI: The Intelligence and Criminal Investigation of the Income Tax department has undertaken a 'spot verification' at the head office of over century-old private sector Tamilnad Mercantile Bank, the bank said on Tuesday. The business operations of the bank continued, as usual, today and were not impacted due to the verification, Tamilnad Mercantile Bank 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 Thoothukudi-based bank said in a BSE filing. The bank is fully cooperating with officials during the ongoing proceedings and responding to the clarifications and details sought by them, the bank said in its response. "We will comply with our legal obligation for disclosure from time to time," it said.