9911796707
TMI Blog2025 (2) TMI 769X X X X Extracts X X X X X X X X Extracts X X X X ..... by the decision of Ajmer Vidyut Vitran Nigam Ltd. [2021 (11) TMI 1103 - RAJASTHAN HIGH COURT] and Tata Power Delhi Distribution Ltd. [2025 (1) TMI 879 - DELHI HIGH COURT] We may further observe that both the parties have agreed that the ratio laid down in the case of Union Bank of India [2019 (5) TMI 355 - BOMBAY HIGH COURT], M/s. Dresdner Bank AG [2025 (2) TMI 707 - BOMBAY HIGH COURT] and Dena Bank [2019 (8) TMI 1924 - BOMBAY HIGH COURT] squarely applies to the facts of the present case since even the banking companies are not required to make their financials according to the Companies Act, but since they are required to make their financials as per the Banking Regulation Act, the provision of Section 115JB would not be applicable. Decid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are in accordance with the provisions of Electricity supply Act and not in accordance with the provisions of Part II & III of Schedule VI to the Companies Act. (ii) Whether on the facts and circumstances of the case and in law, the ITAT is right in deleting the interest charged u/s. 234D in the asseesse's case for the A.Y. 2002-03. AY. 2003-04, Appeal No. 301 of 2009 (i) Whether on the facts and circumstances of the case and in law, the ITAT is right in accepting the claims of the assessee that the provision of Sec. 115JB are not applicable to the assessee, since the accounts prepared by the assessee are in accordance with the provisions of Electricity supply Act and not in accordance with the provisions of Part II & III of Sch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... heth, learned counsel for the Respondent-Assessee agrees that insofar as issue relating to applicability of provisions of Section 115JB to electricity companies is concerned, same is covered by various decisions of this Court in the case of banking companies and ratio of these decisions squarely applies to the present case. Both the learned counsel also points out that decision of the Rajasthan High Court in the case of Principal Commissioner of Income-tax vs. Ajmer Vidyut Vitran Nigam Ltd. (2022) 140 taxmann.com 660 is directly on the issue, concerning electricity company, in favour of the Assessee and the SLP filed by the Revenue challenging the decision of the Rajasthan High Court is also dismissed and same is reported in (2022) 145 taxm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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