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Provisions of Minimum Alternate Tax (MAT) do not apply to Banking Companies
Case Law Details
- Case Name
- Krung Thai Bank PCL Vs Joint Director of Income Tax – International Taxati on Circle 3(1) (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2004- 05
- Courts
- All ITAT, ITAT Mumbai
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Brief : Recently in the case of Krung Thai Bank PCL Vs. Jt Director of Income-tax – International Taxation (ITA No. 3390/Mum/2009) (Mum), the Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) held that the provisions of Section 11 5JB of the Income-tax Act, 1961 (the Act) pertaining to Minimum Alternate Tax (MAT) would come into play only when the tax payer is required to prepare its profit and loss account in accordance with the provisions of Part II and III of Schedule VI of the Companies Act.
Further, since banking companies are not required to prepare their financial state...
