ITAT rules Section 115JB Inapplicable to SBI for AY 2006-07, Exempts Banks from MAT Provisions [Read Order]

The tribunal observed that banking entities are governed by the Banking Regulation Act and are not required to prepare their profit and loss accounts as per the Companies Act

By Eeva Mary Sanil - On March 17, 2025 2:29 pm - 2 mins read

ITAT - ITAT Mumbai - Section 115JB of Income Tax Act - Income Tax Act - TAXSCAN

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT), provided relief to the State Bank of India (SBI) in an appeal concerning the applicability of Minimum Alternate Tax (MAT) provisions under Section 115JB of the Income Tax Act, 1961. On March 31, 2018, a rectification order was passed by the Assessing Officer (AO) under…

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