Dismissing the appeal of the Revenue the Tribunal held that Section 115JB deals with only those companies which are registered under Companies Act and not deemed company as per provision of section 2(17) or 2(26) and, thus, assessee, a financial corporation could not be termed as a company within meaning of section 2(17) and consequently, section 115JB is not applicable. (AY. 2019-20)
DCIT v. Rajasthan Financial Corporation. (2023) 199 ITD 570 (Jaipur) (Trib.)
S. 115JB : Company-Book profit-Financial corporation-Not a company-Not liable to be assessed to book profit.[S. 2(17), 2(26), Companies Act, 1956, S. 129]