ITAT Confirms Banks Exempt from MAT, Deletes ₹305.49 Cr Penalty

DCIT Vs Central Bank of India (ITAT Mumbai) The ITAT Mumbai heard the appeal filed by the Revenue against the order of the Learned Commissioner of Income Tax (Appeals)-National Faceless Appeal Centre (CIT(A)-NFAC), Delhi, dated 25 February 2025, relating to Assessment Year (AY) 2016-17. The Revenue challenged the deletion of a penalty of ₹305.49 crore imposed under section 271(1)(c) of the Income Tax Act, 1961 (the Act), arguing that the CIT(A) erred in holding that provisions of section 115JB (Minimum Alternate Tax on book profits) were not applicable to the assessee bank. The Revenue furth...