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2024 (5) TMI 492 - ITAT MUMBAIMAT provision applicability on banking company u/s 115JB - HELD THAT:- Whether the provision of Section 115JB of the Act is applicable to a banking company has already been decided in case of Union Bank of India [2019 (5) TMI 355 - BOMBAY HIGH COURT] wherein it has been held that prior to its amendment by Finance Act, 2012, the provision of the computation of book profit tax u/s 115JB of the Act would not be applicable to banking company governed by the provision of Banking Regulation of 1949. It is not in dispute that assessee is a banking company. Accordingly, we do not find any infirmity in the order of the learned CIT (A), who relied upon the decision of the Hon'ble Bombay High Court and also the decision of the co-ordinate Bench in assessee’s own case. Accordingly, as such impugned assessment year i.e. A.Y. 2005-06, we do not find any reason to hold that provision of Section 115JB of the Act applies to the assessee company prior to 1st April, 2013. Accordingly, ground Nos., 1 and 2 of the appeal are dismissed. Allowability of interest u/s 244A(1A) - HELD THAT:- Admittedly, in this case, the co-ordinate Bench has passed the order on 30th March, 2016. The order giving effect of such order was passed by the learned Assessing Officer on 19th March, 2021. This order was served to the assessee on 3rd September, 2021, therefore, apparently the assessee is entitled to interest from the date of receipt of the order by PCIT till the order is received by the assessee. Therefore, the assessee is held to be eligible for interest from 1st January, 2017 to 3rd September, 2021. The appeal effect order is passed after the introduction of this section and therefore, despite the assessment year being 2005-06, the assessee is eligible for the above interest because of the reason that when appeal effect order was passed, such provision was there on the statute book. - Decided against AO.
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