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of <h1>MAT Provisions Under Section 115JB Not Applicable to Banking Companies, Revenue's Appeal Dismissed Citing Precedent</h1> <h3>Pr. Commissioner of Income Tax -2 Versus Dena Bank</h3> The Bombay HC dismissed the Revenue's appeal against the ITAT's decision, affirming that MAT provisions under Section 115JB of the Income Tax Act do not ... MAT/Section 115JB applicability to assessee bank - HELD THAT:- This Court in case of CIT-LTU Vs. Union Bank of India [2019 (5) TMI 355 - BOMBAY HIGH COURT] held that Section 115JB would not apply to the banking companies. The Bombay High Court dismissed the Revenue's appeal challenging the Income Tax Appellate Tribunal's judgment. The central issue was the applicability of Minimum Alternate Tax (MAT) provisions under Section 115JB of the Income Tax Act to banking companies. The Court relied on a previous judgment in the case of CIT-LTU Vs. Union Bank of India, where it was held that Section 115JB does not apply to banking companies. Consequently, the appeal was dismissed.
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