Tribunal held that assessee a foreign company was carrying on business of banking, financial service and allied activities in India and was maintaining its accounts under Banking Regulation Act, 1949, it would not be required to prepare its Profit and Loss Account under provisions of Part -II and III of Schedule -VI of Companies Act, 1956. Accordingly provisions of S. 115JA is not applicable. (AY. 1997 -98)
Standard Chartered Bank. v. JCIT (2019) 177 ITD 139/ 200 TTJ 774/ 178 DTR 201 (Mum.) (Trib.)
S. 115JA : Book profit–Foreign Banking company-Maintaining its accounts under Banking Regulation Act, 1949-Provision is not applicable -DTAA- India -UK. [Art. 7, Banking Regulation Act, 1949, Companies Act, 1956]