Dismissing the appeal of the revenue the Court held that, assessee being a banking company is not required to prepare its accounts in accordance with provisions of part II and part III of Sch. VI of the Companies Act, 1956, provisions of S. 115JB(2) do not apply to assessee a banking company. (AY. 2002-03, 2005-06, 2006-07, 2009-10)
CIT v. Ing Vysya Bank Ltd. (2020)422 ITR 116/ 186 DTR 193/ 313 CTR 69/ 270 Taxman 162 (Karn.)(HC)
S. 115JB : Book profit-Banking company–Provision is not applicable to banking company. [S. 115JB(2), Companies Act, 1956, S 211(1)]