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| The Tax Publishers2020 TaxPub(DT) 4875 (Karn-HC) : (2020) 429 ITR 0407 : (2021) 277 TAXMAN 0148 INCOME TAX ACT, 1961
Section 115JB
Banking companies are not liable to MAT under section 115JB.
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MAT - Computation of book profit under section 115JB - Applicability of section 115JB to banking companies -
Revenue challenged order of Tribunal holding that banking companies are not liable for MAT under section 115JB.Held: Substantial question of law was already answered against revenue in ING Vysa Bank Ltd.'s case. Thus, following the same, appeal of revenue was dismissed.
Followed:CIT v. ING Vysya Bank Ltd. -2020 TaxPub(DT) 0668 (Karn-HC).
REFERRED :
FAVOUR : In favour of assessee.
A.Y. : 2007-08
INCOME TAX ACT, 1961
Section 36(1)(vii)
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