Relief for Bank of Baroda: ITAT Rules MAT Provisions u/s 115JB Not Applicable [Read Order]
Referring to the precedents, it held that banking companies governed by the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1980, are not subject to MAT provisions under Section 115JB, as they are not required to prepare accounts as per Schedule VI of the Companies Act
The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) granted relief to Bank of Baroda by holding that the Minimum Alternate Tax ( MAT ) provisions under Section 115JB of the Income Tax Act,1961 do not apply to it. Bank of Baroda, appellant-assessee, filed its return for AY 2015-16 on 28.9.2015, showing no…
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