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The ITAT held that NDDB, as a statutory corporation, is not a company under the Companies Act and therefore Section 115JB (MAT) is inapplicable. The tribunal found that the assessee prepares accounts under NDDB Act, lacks shareholders, and does not meet MAT conditions. The rectification order attempting to impose MAT was deemed illegal and without jurisdiction. The AO's subsequent action to impose MAT after originally accepting returns constitutes a change of opinion, which cannot be rectified under Section 154. The tribunal conclusively ruled that MAT is not leviable for statutory corporations, even post-2012 amendment, and quashed the rectification order.
The ITAT held that NDDB, as a statutory corporation, is not a company under the Companies Act and therefore Section 115JB (MAT) is inapplicable. The tribunal found that the assessee prepares accounts under NDDB Act, lacks shareholders, and does not meet MAT conditions. The rectification order attempting to impose MAT was deemed illegal and without jurisdiction. The AO's subsequent action to impose MAT after originally accepting returns constitutes a change of opinion, which cannot be rectified under Section 154. The tribunal conclusively ruled that MAT is not leviable for statutory corporations, even post-2012 amendment, and quashed the rectification order.
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