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2016 (6) TMI 1381 - AT - Income TaxDisallowance u/s. 14A while computing book profit u/s.115JB - HELD THAT:- Since the assessee is a banking company the provisions of section 115JB was not applicable to a banking company, hence no income is assessable u/s.115JB. The said section has been extended to other assessee’s like banks, insurance companies, etc. also as per the amendment made by Finance Act, 2012. In the following cases, it has been held that “Section 115JB is not applicable to Banks and other companies whose accounts are not made as per section 211 of the Companies Act”. In view of the above, we do not find any merit for the addition made u/s.115JB of the Act. Interest levied u/s. 234D - HELD THAT:- It is the case of the reassessment u/s. 147, interest u/s. 234D is applicable only when refund is granted to the assessee u/s 143(1) and no refund is due on regular assessment or refund granted exceeds the amount refundable on regular assessment. Since the original assessment was completed u/s.143(3), the provisions of section 234D is not applicable to the instant assessee.
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