Provisions of section 115JB not applicable to banking company

ACIT Vs Vysya Bank Ltd. (ITAT Bangalore) Grounds No.19 to 22 are against the confirmation of addition of the write off of non-convertible debentures, depreciation on investment, depreciation on leased assets and provision for NPA while arriving at the book profits /s 115JB of the Act. In addition to the above, the assessee has also raised an additional ground that the provisions of sec.115JB are not applicable to the assessee, being a bank. In support of the additional ground of appeal, the learned counsel for the assessee has placed reliance upon decisions of various Benches of the Tribunal ...