{"id":5361,"date":"2019-05-07T00:23:46","date_gmt":"2019-05-07T00:23:46","guid":{"rendered":"http:\/\/itatonline.org\/digest\/cit-v-union-bank-of-india-bomhc-www-itatonline-org\/"},"modified":"2021-07-13T06:31:57","modified_gmt":"2021-07-13T01:01:57","slug":"cit-v-union-bank-of-india-bomhc-www-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-union-bank-of-india-bomhc-www-itatonline-org\/","title":{"rendered":"CIT v. Union Bank of India ( 2019) 177 DTR 305\/ 308 CTR 797\/ 263 Taxman 685 (Bom)(HC).www.itatonline.orgEditorial: SLP is granted to the revenue  PCIT v. Union Bank of India ( 2019) 418 ITR 9 (St) (SC)\/ ( 2020) 269 Taxman 487 (SC)"},"content":{"rendered":"<p><strong>Dismissing the appeal of the revenue the Court held that <\/strong><strong>,<\/strong>Banking, Insurance and Electricity company are not company bound by provisions of Companies Act. <strong>\u00a0(Pre amendment by Finance Act, 2012) \u00a0Provision is not applicable to a banking company (also insurance &amp; electricity cos).The mechanism provided for computing book profit in terms of S. 115JB(2) is wholly unworkable for a banking company. When the machinery provision fails, the charging section also fails- The anomaly was removed by the Finance Act, 2012-However, the amendments are neither declaratory nor clarificatory but make substantive and significant legislative changes which are applicable prospectively.( Followed Kerala State Electricity Board v.Dy CIT ( 20110) \u00a0329 ITR 91 (Ker)(HC) ) .<\/strong>( ITA No. 1196 of 2013 and 1175 of 2013, dt. 16.04.2019)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 115JB :  Book profit &#8211; Banking \u2013 Insurance \u2013 Electricity company- Are not company bound by provisions of Companies Act &#8211; (Pre amendment by Finance Act, 2012)-Provision  is not applicable to a banking company , insurance &#038; electricity cos-  The mechanism provided for computing book profit in terms of S. 115JB(2) is wholly unworkable for a banking company- When the machinery provision fails, the charging section also fails-Provision is not applicable -The anomaly was removed by the Finance Act, 2012-However, the amendments are neither declaratory nor clarificatory but make substantive and significant legislative changes which are applicable prospectively.<\/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-5361","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1ot","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/5361","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=5361"}],"version-history":[{"count":5,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/5361\/revisions"}],"predecessor-version":[{"id":20184,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/5361\/revisions\/20184"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=5361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=5361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=5361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}