The provisions of section 115JB would be applicable only to entities registered and recognised to be companies under the Companies Act, 1956. Thus, in the case of taxpayer being a corporation established under Damodar Valley Corporation Act, 1948 and not registered under the Companies Act, 1948, the provisions of section 115JB would not apply. Explanation 3 to section 115JB inserted by the Finance Act, 2012 w.e.f. 01.04.2013 has prospective effect and thus would apply only from AY. 2013-14 onwards and not for the year under consideration. (AY. 2010-11)
PCIT v. Damodar Valley Corporation (2022) 209 DTR 401 /324 CTR 462 (Cal.) (HC)
S. 115JB : Provisions of section 11JB will not apply to the taxpayer being a corporation established under Damodar Valley Corporation Act, 1948.[ Damodar Valley Corporation Act, 1948 ]