Banks are not liable to pay Minimum Alternative Tax (MAT) on Book Profit – ITAT Mumbai

Brief: The assessee, a foreign bank operating in India through a branch office, filed a return offering Nil income as per the normal provisions of the Act. Though the assessee had a net profit of Rs. 78.32 lakhs in the P&L A/c it did not compute “book profits” u/s 115JB. The AO accepted the r

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