Case Law Details
Brief of the Case
ITAT Kolkata held In the case of UCO Bank vs. DCIT that Sec.115JB will be applicable only where the assessee is required to show profit & loss account in accordance with schedule VI of Companies Act. As the banks are required to prepare Balance Sheet and Profit & Loss Account in accordance with the Banking Regulation Act, provision of 115JB cannot be applied to the banks. Prior to AY 2013-14, provisions of sec 115JB were not applicable to companies to which proviso to sec 211(2) of the companies Act, 1956 applies. The Assessee being a banking company to which proviso to sec 211(2) applies, will not be liable to be taxed under sec 115JB.
Facts of the Case
The only issue to be adjudicated in this appeal is as to whether the provisions of section 115JB are applicable to the assessee being a banking company for the Asst Year 2002-03.
Contention of the Assessee
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