Banking Companies Exempt from Minimum Alternate Tax u/s 115JB from AY 2013-14: ITAT rules in favour of Canara Bank [Read Order]

Considering Judicial Precedent, ITAT Ruled that banking companies are exempt from MAT u/s 115JB
Canara Bank - Minimum Alternate Tax - Section 115JB Income Tax Act - MAT exemption for banks - taxscan

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) ruled in favor of Canara Bank that Banking Companies are exempted from Minimum Alternate Tax ( MAT ) under Section 115JB of the Income Tax Act, 1961 Canara Bank (formerly Syndicate Bank), the assessee filed its income tax return for 2013-14, showing a loss….

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