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2021 (7) TMI 114 - HC - Income TaxMAT applicability u/s 115JB - nature of company activities - Whether the Tribunal was correct in holding that Section 115JB was not applicable to the assesee in view of Explanation-3 to section 115JB without appreciating that the amendment is applicable only with effect from 1.4.2013 relevant Assessment Year 2013-14? - HELD THAT:- As decided in M/s. Karnataka Power Corporation Ltd [2020 (5) TMI 657 - KARNATAKA HIGH COURT] Companies Act, 1956 has excluded insurance, banking companies or the companies engaged in the generation or supply of electricity from the purview of Section 211(1) of the Companies Act, 1956 and resultantly from the purview of Section 115JB of the Act.
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