{"id":11377,"date":"2020-05-17T05:09:33","date_gmt":"2020-05-17T05:09:33","guid":{"rendered":"http:\/\/itatonline.org\/digest\/pcit-v-bank-of-india-bomhcur\/"},"modified":"2020-05-17T05:09:33","modified_gmt":"2020-05-17T05:09:33","slug":"pcit-v-bank-of-india-bomhcur","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-bank-of-india-bomhcur\/","title":{"rendered":"PCIT v. Bank of India (Bom)(HC)(UR)"},"content":{"rendered":"<p>Dismissing the appeal of the revenue the Court held that the Tribunal was correct in law holding that the provisions of S.115JB of the income -tax Act, 1961 are not applicable to assessee to whom proviso to sub-section (2) of section 211 of the Companies Act, 1956, applies, i.e. Companies which are not required to prepare its profit and loss account in accordance with part II &amp; III of Schedule VI of the Companies Act, 1956. Followed CIT v Union Bank of India (2019) 105 taxmann.com 253\/ 263 Taxman 685 (Bom)(HC)(ITA No.2966 \/ 3085 \/Mum\/ 2014 dt.13-07- 2016)(ITA No.1996 of 2017 dt.23\/01\/2020)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.115JB :  Book profit \u2013 Provisions 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- Companies which are not required to prepare its profit and loss account in accordance with part II &amp; III of Schedule VI of the Companies Act , 1956 &#8211; Adjustment cannot be made. [S.115JB(2), Companies Act , 1956 , S 211(2), Banking Regulation Act, 1949]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11377","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2Xv","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=11377"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11377\/revisions"}],"predecessor-version":[{"id":11378,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11377\/revisions\/11378"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=11377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=11377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=11377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}