Provisions of Book Profit not applicable to Banking Companies: ITAT [Read Order]

Provisions - Book Profit - Banking Companies – ITAT - Taxscan

The Bangalore bench of the Tribunal, while dismissing an appeal filed by the income tax department against Vyshya Bank held that the provisions of book profit under section 115 JB of the Income Tax Act, 1961 shall not be applicable to a banking company. The assessee challenged the confirmation of addition of the write off…

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