https://www.taxtmi.com/caselaws?id=77816 ITAT, MUMBAI held that Section 115JB (MAT) is inapplicable to a banking company because MAT's computation starts from a profit & loss account prepared under Parts II & III of Schedule VI to the Companies Act, which banks are exempted from under the proviso to Section 211(2); banks prepare final accounts under the Banking Regulation Act. Consequently, reopening the assessment on the ground that MAT had not been applied was not sustainable. en-us Thu, 30 Sep 2010 00:00:00 +0530 Thu, 28 Aug 2025 10:57:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77816 ITAT, MUMBAI held that Section 115JB (MAT) is inapplicable to a banking company because MAT's computation starts from a profit & loss account prepared under Parts II & III of Schedule VI to the Companies Act, which banks are exempted from under the proviso to Section 211(2); banks prepare final accounts under the Banking Regulation Act. Consequently, reopening the assessment on the ground that MAT had not been applied was not sustainable. Case-Laws Income Tax Thu, 30 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77816