TMI BlogMAT - Book profit u/s 115JB - Action of has the effect not only bringing to tax the profits that are not...MAT - Book profit u/s 115JB - Action of has the effect not only bringing to tax the profits that are not attributable to the PE but also has the effect of taxing the other items not in accordance with the provisions of other Articles of the treaty. - When the accounts of CSMB do not incorporate the aforesaid five items of income earned by CSSB, the department cannot impose MAT provisions by using the fiction which is contrary to the Banking Regulation Act, 1949. The provisions of Income Tax Act ..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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