Section 115JB of Income Tax Not Applicable to Banking Companies: ITAT Bangalore

Bank of Baroda Vs ACIT (ITAT Bangalore) ITAT Bangalore held that provisions of section 115JB of the Income Tax Act cannot be applied to assessee bank and consequently the tax on book profits (MAT) are not applicable to assessee bank. Accordingly, appeal of the assessee bank allowed. Facts- The assessee is in the business of banking. The case of the assessee was selected for scrutiny and accordingly notices u/s 143(2) as well as 142(1) of the Act were issued along with the questionnaire calling for various details in order to verify the claims made by the assessee in the return of income. AO fi...