Dismissing the appeal of the Revenue the Court held that provisions of section 115JB, 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 . Followed CIT -LTU v. Union Bank of India ( 2019) 105 taxman.com 253 / 263 Taxman 685 ( Bom)( HC)
PCIT v. Central Bank of India. (2022 ) 142 taxmann. com 183 ( Bom)(HC) Editorial: Notice was issued in SLP filed by Revenue , PCIT v. Central Bank of India. (2022) 289 Taxman 1 (SC)
S. 115JB : Book profit – Banking Companies – Prior to amendments by Finance Act , 2012 ,provision is not applicable to Banking companies . [ Banking Regulation Act, 1949 ]