Section 115JB applies to banking companies after 2012 amendment

Bank Of India Vs ACIT (ITAT Mumbai)

We find that Section 11 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, provides that ‘for the purposes of the Income Tax Act, 1961, every corresponding new bank shall be deemed to be Indian company and a company in which public is substantially interested’. This provision is not for any specific purposes in the Income Tax Act, 1961, such as assessment, but for (all) “the purposes of the Income Tax Act, 1961′. It is thus n

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