Applicability of Sub-Section 115JB of Income Tax Act on Banking Company: SC condones Delay in SLP filed by Income Tax Dept [Read Order]
SC condoned delay in SLP filed by Income Tax Department in matter arising from the ruling regarding the applicability of sub-section 115JB of Income Tax Act on banking company.
![Applicability of Sub-Section 115JB of Income Tax Act on Banking Company: SC condones Delay in SLP filed by Income Tax Dept [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Income-Tax-Act-Banking-Company-SC-condones-Delay-SLP-Income-Tax-Dept-taxscan.jpg "Applicability of Sub-Section 115JB of Income Tax Act on Banking Company: SC condones Delay in SLP filed by Income Tax Dept [Read Order]")
The Supreme Court condoned the delay in the special leave petition filed by the Income Tax Department in the matter arising from the ruling regarding the applicability of sub-section 115JB of the Income Tax Act, 1961 on banking company. The Income Tax has filed the SLP against the order from the Bombay High Court and the High Court observed that “We hold that sub-section 115JB as...
The Supreme Court condoned the delay in the special leave petition filed by the Income Tax Department in the matter arising from the ruling regarding the applicability of sub-section 115JB of the Income Tax Act, 1961 on banking company.
The Income Tax has filed the SLP against the order from the Bombay High Court and the High Court observed that “We hold that sub-section 115JB as it stood prior to its amendment by virtue of the Finance Act, 2012, would not be applicable to a banking company. We answer the question No.2 in favour of the assessee and against the revenue.”
A Two-Judge Bench of Justice Abhay S Oka and Justice Ujjal Bhuyan observed that “Applications for exemption from filing a certified copy of the impugned judgments are allowed. Delay condoned. Issue notice.”
To Read the full text of the Order CLICK HERE
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