https://www.taxtmi.com/article/detailed?id=984 The tribunal concluded that Minimum Alternate Tax under Section 115JB operates from the result shown by a profit and loss account prepared in accordance with Parts II and III of Schedule VI, and that banking companies exempted from Schedule VI by the proviso to Section 211(2) prepare accounts under the Banking Regulation Act; consequently, the tribunal treated the MAT provisions as inapplicable to the assessee bank and found the reassessment initiated solely for imposing MAT to be legally unsupported. en-us Wed, 13 Oct 2010 00:00:00 +0530 Thu, 14 Oct 2010 07:43:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=984 The tribunal concluded that Minimum Alternate Tax under Section 115JB operates from the result shown by a profit and loss account prepared in accordance with Parts II and III of Schedule VI, and that banking companies exempted from Schedule VI by the proviso to Section 211(2) prepare accounts under the Banking Regulation Act; consequently, the tribunal treated the MAT provisions as inapplicable to the assessee bank and found the reassessment initiated solely for imposing MAT to be legally unsupported. Articles Income Tax Wed, 13 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=984