Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The core summary is that banks constituted as 'corresponding new banks' under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 are not covered under clause (b) of sub-section (2) of section 115JB of the Income Tax Act, which was inserted by the Finance Act, 2012 with effect from 1-4-2013. Though Section 11 of the Acquisition Act deems these banks as Indian companies for the Income Tax Act, it does not make them companies registered under the Companies Act. Section 115JB(2)(b) applies to companies to which the second proviso to Section 129(1) of the Companies Act is applicable, which is not the case for these nationalized banks. The deeming fiction cannot be extended to treat them as companies under the Companies Act for the purpose of Section 115JB(2)(b). Therefore, the provision of Minimum Alternate Tax (MAT) u/s 115JB is not applicable to these 'corresponding new banks' from assessment year 2013-14 onwards.
The core summary is that banks constituted as 'corresponding new banks' under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 are not covered under clause (b) of sub-section (2) of section 115JB of the Income Tax Act, which was inserted by the Finance Act, 2012 with effect from 1-4-2013. Though Section 11 of the Acquisition Act deems these banks as Indian companies for the Income Tax Act, it does not make them companies registered under the Companies Act. Section 115JB(2)(b) applies to companies to which the second proviso to Section 129(1) of the Companies Act is applicable, which is not the case for these nationalized banks. The deeming fiction cannot be extended to treat them as companies under the Companies Act for the purpose of Section 115JB(2)(b). Therefore, the provision of Minimum Alternate Tax (MAT) u/s 115JB is not applicable to these 'corresponding new banks' from assessment year 2013-14 onwards.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
