TMI Blog2016 (6) TMI 1381X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 reass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year (A.Y.) 2004-05, in the matter of order passed u/s.143(3) r/w s. 147 of the Income Tax Act, 1961. 2. In the ground so raised, the assessee is aggrieved for reopening as well as merit of the disallowance made u/s. 14A while computing book profit u/s.115JB of the Act. The assessee is also aggrieved for interest levied u/s. 234D of the Act. 3. Rival contentions have been heard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act for non deduction of taxes on MICR payment is not applicable to the assessee as provisions of section 40(a)(ia) of the Act are applicable from A.Y. 2005-06. This shows that there is complete non-application of mind by the Assessing Officer while recording the reasons for reopening the assessment. While recording the reasons recorded, the Assessing Officer has to specify, which material fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see 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 . 1. Canara Bank vs. CIT (LTU), ITAT Bangalore [ITA No. 305/Bang/2011] 2. Dena Bank vs. ACIT (2)(3), ITAT M ..... X X X X Extracts X X X X X X X X Extracts X X X X
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