Section 115JB not applies to assessee governed by Special Acts & Rules

ITO Vs M/s. Atria Hydel Power Ltd. (ITAT Bengalore) Conclusion: Provisions of section 115JB would not be applied to assessee-company where assessee was governed by different Acts and Rules, and was not required to prepare its profit & loss account and balance sheet as per Part II & III of Schedule VI to the Companies Act. Held: Assessee was a company incorporated under the provisions of the Companies Act 1956. It was engaged in the business of generation and sale of power. Assessee filed the return of income. The assessment was completed under sections 115JB. Assessee-company denied it...