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Section 115JB applies to banking companies after 2012 amendment
Case Law Details
- Case Name
- Bank Of India Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Mumbai
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Bank Of India Vs ACIT (ITAT Mumbai)
We find that Section 11 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, provides that ‘for the purposes of the Income Tax Act, 1961, every corresponding new bank shall be deemed to be Indian company and a company in which public is substantially interested’. This provision is not for any specific purposes in the Income Tax Act, 1961, such as assessment, but for (all) “the purposes of the Income Tax Act, 1961′. It is thus not possible to read the provision, as has probably been sought to be read, that while t...
