IT dept finds deficiencies in some specified financial transactions of Tamilnad Mercantile Bank
Income Tax Department during a «spot verification» at Tamilnad Mercantile Bank's headquarters at Tuticorin has found deficiencies in some of the filed specified financial transactions, the private lender said on Saturday. The bank's business operations are continuing 'as usual' and 'not impacted' due to this development, the Tamil Nadu-based bank, which is over a century old, said in a statement on Saturday.
Last week, the Intelligence and Criminal Investigation wing of the Income Tax department undertook a 'spot verification' at the bank's headquarters in Tuticorin.
Tuticorin is located about 500 km from Chennai.
The Income Tax department reportedly found that the bank has not filed statements of financial transactions pertaining to cash deposits of over Rs 2,700 crore.
Tamilnad Mercantile Bank said, "...we wish to inform you that during the verification, it was observed that few SFT returns were not filed and certain errors/deficiencies were observed in a few of the filed SFT returns".
«The returns, which were to be submitted, have since been submitted, and the deficiencies observed are also being attended to and rectified,» the bank said.
«No financial implication on the bank is envisaged. As a law-abiding organisation, we are providing all the details that are required by the Income Tax department, » it added.
«The business operations of the Bank are continuing as usual and are not impacted due to this development.
