PCIT v. Bank of India ( Bom) (HC) (UR)

S. 115JB : Book profit – Provisions as it stood prior to its amendment by virtue of Finance Act, 2012, would not be applicable to a banking company governed by provisions of Banking Regulation Act, 1949- Companies which are not required to prepare its profit and loss account in accordance with part II & III of Schedule VI of the Companies Act , 1956 – Adjustment cannot be made . [ S.115JB(2) ,Companies Act , 1956 , S 211(2) , Banking Regulation Act, 1949 ]

Dismissing the appeal of the revenue the Court held that  the Tribunal was correct in law holding that the provisions of S.115JB of the income -tax Act , 1961 are not applicable to assessee to whom proviso to sub-section (2) of section 211 of the Companies Act , 1956 , applies , i.e .Companies which are not required to prepare its profit and loss account in accordance with part II & III of Schedule VI of the Companies Act , 1956. Followed CIT v Union Bank of India  ( 2019) 105 taxmann.com 253/ 263 Taxman 685  (Bom) (HC)  (ITA No 2966 / 3085 /Mum/ 2014 dt 13-07- 2016 ) (ITA No .1996 of 2017 dt 23 –1 -2020 )