TMI Blog2010 (9) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... . In the case of banking companies, however, the provisions of Schedule VI are not applicable in view of exemption set out under proviso to Section 211 (2) of the Companies Act . The final accounts of the banking companies are required to be prepared in accordance with the provisions of the Banking Regulation Act . The provisions of Section 115 JB cannot thus be applied to the case of a banking company. - ITA No. 3390/Mum/2009 - - - Dated:- 30-9-2010 - Before Shri Pramod Kumar AM, and Smt Asha Vijayraghavan JM Appellant respresented by : Shri Gajendra Golchha Respondent represented by : Shri A K Nayak O R D E R Per Pramod Kumar : 1. By way of this appeal, the assesse, a foreign bank operating in India, has challenged correct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the assessee. That is the only addition made by the Assessing Officer in the reassessment proceedings. 5. Learned counsel for the assessee, however, contends that the provisions of MAT do not apply to the assessee, and, for this reason, very foundation of impugned reassessment proceedings is devoid of legally sustainable merits. His line of reasoning is this. The provisions of MAT can come into play only when the assessee prepares its profit and loss account in accordance with Schedule VI to the Companies Act. It is pointed out that, in terms of the provisions of Section 115JB(2) , every assessee is required to prepare its profit and loss account in terms of the provisions of Part II and III of Schedule VI to the Companies Act . Unle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... play when the assessee is required to prepare its profit and loss account in accordance with the provisions of Part II and III of Schedule VI to the Companies Act . The starting point of computation of minimum alternate tax under section 115 JB is the result shown by such a profit and loss account . In the case of banking companies, however, the provisions of Schedule VI are not applicable in view of exemption set out under proviso to Section 211 (2) of the Companies Act . The final accounts of the banking companies are required to be prepared in accordance with the provisions of the Banking Regulation Act . The provisions of Section 115 JB cannot thus be applied to the case of a banking company. 8. In view of the above discussions, a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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