Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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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.
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