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of <h1>Banking Company wins appeal against Income Tax Commissioner's order on section 115JB</h1> The Tribunal allowed the appeal of a Banking Company against the Commissioner of Income Tax's order directing computation of income under section 115JB of ... - Issues involved: Appeal against order of Commissioner of Income Tax setting aside assessing officer's order to compute income u/s 115JB of the Income Tax Act, 1961 for a Banking Company.Summary:1. The appellant, a Banking Company, appealed against the order of the Commissioner of Income Tax directing computation of income u/s 115JB of the Income Tax Act, 1961.2. The appellant argued that provisions of section 115JB are not applicable to Banking Companies, citing decisions of ITAT Bangalore Bench and Mumbai Bench. The ld. DR did not dispute this contention.3. The Tribunal, after considering earlier orders and the decision in the case of Dena Bank, held that section 115JB is not applicable to Banking Companies. The order passed by the Commissioner of Income Tax u/s 263 of the Act was vacated based on this finding.4. As the order of the Commissioner of Income Tax was vacated, the Tribunal did not adjudicate on other grounds raised by the appellant.5. Consequently, the appeal of the assessee was allowed.Note: Separate judgment was not delivered by the judges.
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