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| The Tax Publishers2020 TaxPub(DT) 0036 (Mum-Trib) INCOME TAX ACT, 1961
Section 115JB
Provisions of section 115JB, as stood prior to its amendment by virtue of Finance Act, 2012, were not applicable to assessee, a banking company governed by Banking Regulation Act, 1949. Therefore, reopening was bad-in-law.
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MAT - Computation of book profits - Applicability of section 115JB to banking company -
AO reopened assessment on the ground that amount of Rs. 603 crore debited to profit and loss account as 'provisions and contingencies' was unascertained liability not allowable as per Explanation 1(c) to section 115JB(2).Held: Provisions of section 115JB as stood prior to its amendment by virtue of Finance Act, 2012, were not applicable to assessee, a banking company governed by Banking Regulation Act, 1949. Therefore, reopening was bad in law.
Followed:Union Bank of India ITA No. 1196 of 2013, dated 16-4-2019 : 2019 TaxPub(DT) 3212 (Bom-HC)
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2008-09 & 2011-14
INCOME TAX ACT, 1961
Section 14A Rule 8D
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