2019 (8) TMI 1924 - HC - Income Tax

MAT/Section 115JB applicability to assessee bank - HELD THAT - This Court in case of CIT-LTU Vs. Union Bank of India 2019 (5) TMI 355 - BOMBAY HIGH COURT held that Section 115JB would not apply to the banking companies.

Summary

The Bombay High Court dismissed the Revenue's appeal challenging the Income Tax Appellate Tribunal's judgment. The central issue was the applicability of Minimum Alternate Tax (MAT) provisions under Section 115JB of the Income Tax Act to banking companies. The Court relied on a previous judgment in the case of CIT-LTU Vs. Union Bank of India, where it was held that Section 115JB does not apply to banking companies. Consequently, the appeal was dismissed.