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New Income Tax Draft Rules Insert Rule 166 to Define Conditions for Treating Return as Defective
The Draft Income Tax Rules, 2026 have introduced provision by inserting Rule 166, which for the first time expressly lays down the conditions under...
![Budget 2026 proposes Major Corporate Tax Changes: Govt. to Revamp MAT Framework [Read Finance Bill 2026]](https://images.taxscan.in/h-upload/2026/02/01/2123020-union-budget-2026-budget-scan-2026-major-corporate-tax-mat-framework-minimum-alternate-tax-taxscan.webp "Budget 2026 proposes Major Corporate Tax Changes: Govt. to Revamp MAT Framework [Read Finance Bill 2026]")
Banking Companies Exempt from Minimum Alternate Tax u/s 115JB from AY 2013-14: ITAT rules in favour of Canara Bank [Read Order]
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...
![Banking Companies Exempt from Minimum Alternate Tax u/s 115JB from AY 2013-14: ITAT rules in favour of Canara Bank [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Canara-Bank-Minimum-Alternate-Tax-Section-115JB-Income-Tax-Act-MAT-exemption-for-banks-taxscan-1.jpg "Banking Companies Exempt from Minimum Alternate Tax u/s 115JB from AY 2013-14: ITAT rules in favour of Canara Bank [Read Order]")
![Nationalized Banks now liable for Minimum Alternate Tax after 2012 Income Tax Amendment: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Nationalized-Banks-Minimum-Alternate-Tax-ITAT-ITAT-Mumbai-Income-Tax-Income-Tax-Appellate-Tribunal-Finance-Act-taxscan.jpg "Nationalized Banks now liable for Minimum Alternate Tax after 2012 Income Tax Amendment: ITAT [Read Order]")
S. 115JB(2)(b) not Applicable to Union Bank Due to Non-Company Status under Companies Act, Despite Deeming Provision in Acquisition Act for Income Tax Purposes: ITAT [Read Order]
The Mumbai Special Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that Section 115JB of the Income Tax Act, 1961 did not apply to Union Bank of India due to Non-Company Status under the...
![S. 115JB(2)(b) not Applicable to Union Bank Due to Non-Company Status under Companies Act, Despite Deeming Provision in Acquisition Act for Income Tax Purposes: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Mumbai-Income-Tax-Income-Tax-Appellate-Tribunal-Union-Bank-Non-Company-Status-taxscan.jpg "S. 115JB(2)(b) not Applicable to Union Bank Due to Non-Company Status under Companies Act, Despite Deeming Provision in Acquisition Act for Income Tax Purposes: ITAT [Read Order]")
![Audit Objection cannot be a Reason to Re-Open Assessment: Madras HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/09/Audit-Assessment-Madras-HC-taxscan.jpeg "Audit Objection cannot be a Reason to Re-Open Assessment: Madras HC [Read Order]")
![Direct Tax Vivad se Vishwas Rules and Forms notified [Read Notification]](https://www.taxscan.in/wp-content/uploads/2020/03/site-image3-6-1.jpg "Direct Tax Vivad se Vishwas Rules and Forms notified [Read Notification]")