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2015 (12) TMI 300 - AT - Income TaxMAT applicability - Whether the provisions of Sec. 115JB of the Income Tax Act, 1961 could be made applicable to a bank when their profit and loss account is not prepared in accordance with Part II & Schedule VI to Companies Act, 1956? - Held that:- The provisions of section 115JB of the act are not applicable in the case of the assessee and the amendment brought in section 115JB of the Act read with Explanation 3 thereon by the Finance Act 2012 is applicable only with effect from Asst Year 2013-14 onwards in line with the Notes to Clauses of Finance Act 2012 - Decided in favour of assessee.
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