Section 115JB pre amendment by Finance Act, 2012 not applicable to banking, insurance & electricity cos

CIT  Vs Union Bank of India (Bombay High Court) To align the Income Tax Act with the Companies Act, 1956 it was decided to amend Section 115JB to provide that the companies which are not required under Section 211 of the Companies Act, to prepare profit and loss account in accordance with Schedule VI of the Companies Act, profit and loss account prepared in accordance with the provisions of their regulatory Act shall be taken as basis for computing book profit under Section 115 JB of the Act. Before closing, we may also take note of explanation (3) below sub-section (2) of section 115 JB of t...