Provision of MAT will only come into play, only when assessee prepares its P&L account in accordance with part (II) and part (III) of Schedule (VI) of the Companies Act. Since the assessee’s P&L account is prepared in accordance with Insurance Act 1938, as specifically provided in S. 44 read with First schedule, therefore, the provision of S. 115JB will not apply. (ITA No. 428 of 2017 dt.04/06/2017) (AY.
PCIT v. The New India Assurance Co. Ltd. (2020) 114 taxmann.com 222 (Bom)(HC) Editorial: SLP granted to the revenue. (CA No. 8178 of 2019 dt.18/10/2019)(2019) 418 ITR 14(St.)(SC)/ (2020) 269 Taxman 481 (SC)
S.115JB: Book profit – Provision is not applicable when Profit & Loss is prepared in accordance with Insurance Act 1938. [S.44]