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CIT v. Karnataka Bank Ltd. (2022) 142 taxmann.com 64 (Karn.)(HC) Editorial : SLP granted to Revenue, CIT v. Karnataka Bank Ltd.(2022) 288 Taxman 725 (SC)

S. 115JB : Book profit-Minimum alternate tax-Banking companies-Provision is not applicable. [Companies Act, 1956, S. 211(1)]

Dismissing the appeal of the Revenue the Court held that where Companies Act, 1956 has excluded insurance, banking companies or electricity generating or supplying companies from purview of section 211(1) of Companies Act, 1956, provisions of section 115JB would not be applicable to bank whose books of account were drawn in conformity with Banking Regulation Act, 1939. (AY. 2008-09)