9911796707
TMI Blog2025 (2) TMI 707X X X X Extracts X X X X X X X X Extracts X X X X ..... n Bank of India [2019 (5) TMI 355 - BOMBAY HIGH COURT] against which the leave is granted by the Supreme Court [2020 (3) TMI 58 - SC ORDER]. There is no dispute that the issue is covered by the decision of this Court in the case of Union Bank of India (supra). Therefore, looked from any angle, the appeal filed by the Revenue is not maintainable. Book profit has been computed u/s 115JA in the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... umstance of the case, the Hon'ble ITAT has erred in holding that the MAT provisions u/s 115JA/115JB of the Act is not applicable to a banking company without appreciating that the Section 115JA(2) itself lays down the law that every company shall prepare its profit and loss accounts in the manner as laid down in Schedule II and III of the Companies Act, which was also clarified by the Explanation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted claim. In our view, since the tax on the book profit under Section 115JA is less than Rs. 2 crore, the appeal is not maintainable. 3. In any event, the issue raised in the appeal is covered by the decision of this court in the case of Commissioner of Income Tax-LTU vs. Union Bank of India (2019) 105 taxmann.com 253 (Bombay) against which the leave is granted by the Supreme Court on 30 Septemb ..... X X X X Extracts X X X X X X X X Extracts X X X X
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