1. Search Case laws by Section / Act / Rule — now available beyond Income Tax. GST and Other Laws Available
2. New: “In Favour Of” filter added in Case Laws.
Try both these filters in Case Laws →
TaxTMI Login
🚀 New: Section-Wise Filter ✕
Just a moment...
1. Search Case laws by Section / Act / Rule — now available beyond Income Tax. GST and Other Laws Available
2. New: “In Favour Of” filter added in Case Laws.
Try both these filters in Case Laws →
Press 'Enter' to add multiple search terms. Rules for Better Search
---------------- For section wise search only -----------------
Accuracy Level ~ 90%
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of Press 'Enter' after typing page number.
<h1>Appellate Tribunal affirms Commissioner's decisions on Section 115JB for banking companies.</h1> The Appellate Tribunal upheld the decisions of the Commissioner of Income-tax (Appeals) regarding the applicability of Section 115JB to banking companies ... MAT applicability u/s 115JB to a banking company - HELD THAT:- This issue is covered against the revenue by the ratio of the decision of the co-ordinate bench in the assessee’s own case [2017 (11) TMI 1425 - ITAT BANGALORE] there is no dispute about the fact that the assessee is a bank and in this assessee’s case provisions of sec.115JB have been invoked. Depreciation on leased assets to Kedia group of companies - HELD THAT:- Issue decided in favour of the assessee and against the revenue by the decision of the co-ordinate bench in the case of the assessee for the assessment year 2009-10 [2017 (11) TMI 1425 - ITAT BANGALORE]- We dismiss ground since issue of depreciation on leased assets is only consequential in nature and also for reasons of parity, decision for earlier years requires to be followed. Ground No.3 is dismissed. Issues:1. Applicability of Sec. 115JB to banking companies.2. Deletion of addition made on account of depreciation on leased assets.Analysis:1. The first issue raised in the appeal was regarding the applicability of Section 115JB of the Income-tax Act, 1961 to banking companies. The Appellate Tribunal referred to a previous decision in the assessee's own case for the assessment year 2009-10, where it was held that Section 115JB was not applicable to banking companies. This decision was supported by the Tribunal's rulings in cases involving Union Bank of India and Indian Bank. The Tribunal dismissed the revenue's appeal on this ground, stating that the issue was already settled in favor of the assessee.2. The second issue pertained to the deletion of an addition made on account of depreciation on leased assets. The Tribunal noted that this issue was already decided in favor of the assessee for the assessment years 2008-09 and 2007-08. The Tribunal allowed the claim for depreciation on leased assets in those years. Therefore, the Tribunal dismissed this ground of appeal as well, stating that the issue of depreciation on leased assets was only consequential in nature and needed to be decided in line with the decisions for the earlier years for the sake of consistency.In conclusion, the Appellate Tribunal upheld the decisions of the Commissioner of Income-tax (Appeals) in both issues raised by the revenue. The appeal was dismissed, and the order was pronounced in open court on 17th November 2017.
TaxTMI 
TaxTMI 
