Section 115JB MAT Provisions Inapplicable to Banking Companies Before April 1, 2012

ACIT Vs State Bank of India (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai addressed an appeal concerning the applicability of Section 115JB of the Income Tax Act, 1961, to the State Bank of India (SBI) for the assessment year 2006-07. The dispute originated from an assessment order where the as-sessing officer computed SBI’s income under the Minimum Alternate Tax (MAT) provisions of Section 115JB. The Commissioner of Income Tax (Appeals) (CIT(A)) overturned this decision, stating that Section 115JB did not apply to banking companies regulated by the Banking Regulation Act...