Canara Bank Wins ITAT Appeal: Section 115JB Not Applicable

Canara Bank (Erstwhile Syndicate Bank) Vs DCIT (ITAT Bangalore) Income Tax Appellate Tribunal (ITAT), Bangalore, has ruled in favor of Canara Bank (formerly Syndicate Bank), stating that the provisions of Section 115JB of the Income Tax Act, which pertain to the Minimum Alternate Tax (MAT), are not applicable for computing the bank’s book profit. This decision, delivered on August 8, 2024, follows a similar order by the Tribunal in Canara Bank’s own case for the assessment years 2019-20. The core contention revolved around whether Canara Bank, being a nationalized bank under the Ba...