Section 115JB Inapplicable to corresponding new bank: ITAT Bangalore

Canara Bank Vs DCIT (ITAT Bangalore)

ITAT Bangalore held that section 115JB(2)(b) of the Income Tax Act are not applicable to the banks constituted as ‘corresponding new bank’ in terms of Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and therefore provisions of section 115JB cannot be applied to such banks.

Facts- The case of the assessee was selected for scrutiny and accordingly the assessment order u/s. 143(3) was passed on 09.02.2015 by AO by making various additions / disallowances and assessed the total income at Rs.3217,90,

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