MAT provision applicable on banking companies only prospectively w.e.f. AY 2013-14 onwards

Brief of the Case

ITAT Kolkata held In the case of UCO Bank vs. DCIT that Sec.115JB will be applicable only where the assessee is required to show profit & loss account in accordance with schedule VI of Companies Act. As the banks are required to prepare Balance Sheet and Profit & Loss Account in accordance with the Banking Regulation Act, provision of 115JB cannot be applied to the banks. Prior to AY 2013-14, provisions of sec 115JB were not applicable to companies to which proviso to se

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