Assessee-bank claimed that section 115JB would not be applicable in its case.  Assessing Officer denied said claim on ground that amended provision of section 115JB brought by Finance Act, 2012 with effect from 1-4-2013 by insertion of clause (b) to section 115JB(2) had brought within its ambit companies governed by Companies Act and also governed by other regulating act including Banking Regulation Act, 1949. CIT(A) up held the order of the AO. On appeal the Tribunal held that  assessee came into existence as ‘corresponding new bank’ as per section 3(1) of Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. Also new acquiring banks like assessee-bank was neither registered under Companies Act, 2013 nor under any other previous company law. Expression ‘company’ used in section 115JB(2)(b) was to be inferred to be company under Companies Act. Thus, deeming fiction by way of section 11 of Acquisition Act had to be read purely in context for purpose of Income Tax Act where corresponding new bank had been deemed to be an Indian Company and a company in which public were substantially interested and this deeming section could not be extended to a company registered under Companies Act to which alone section 115JB is applicable. Thus, clause (b) to sub section (2) of section 115JB inserted by Finance Act, 2012 with effect from 1-4-2013,i.e, from assessment year 2013-14 onwards, would not be applicable to banks constituted as ‘corresponding new bank’ in terms of Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and not registered under Companies Act, 2013 or any other previous company law. Thus assessee-bank would not fall under provisions of section 115JB and tax on book profits (MAT) would not be applicable. (AY. 2013-14, 2015-16)