Section 115JB not applicable to banking companies: ITAT Bangalore

Canara Bank Vs DCIT (ITAT Bangalore) Income Tax Appellate Tribunal (ITAT) Bangalore has ruled in favor of Canara Bank, stating that the provisions of Section 115JB of the Income Tax Act, which pertain to the Minimum Alternate Tax (MAT), are not applicable to the bank for the assessment year in question. This decision came on the basis of the argument presented by the bank’s counsel that Canara Bank, being a nationalized bank established under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1980, does not fall under the definition of a banking company as defined in th...