https://www.taxtmi.com/caselaws?id=254289 The High Court admitted the appeal concerning the treatment of Non Performing Assets (NPAs) under section 36(viia) and section 115JB. The Court considered whether the provision for NPAs should be added back while calculating book profit under section 115JB(2). The Court also discussed the applicability of section 115JB to nationalized banks and the Commissioner's invocation of section 263. Ultimately, the Court dismissed the appeal on the issue of section 115JB's applicability to nationalized banks, emphasizing the importance of proper scrutiny and satisfaction before invoking such provisions, especially concerning nationalized banks and their financial reporting practices. en-us Wed, 26 Nov 2014 00:00:00 +0530 Thu, 18 Dec 2014 06:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254289 The High Court admitted the appeal concerning the treatment of Non Performing Assets (NPAs) under section 36(viia) and section 115JB. The Court considered whether the provision for NPAs should be added back while calculating book profit under section 115JB(2). The Court also discussed the applicability of section 115JB to nationalized banks and the Commissioner's invocation of section 263. Ultimately, the Court dismissed the appeal on the issue of section 115JB's applicability to nationalized banks, emphasizing the importance of proper scrutiny and satisfaction before invoking such provisions, especially concerning nationalized banks and their financial reporting practices. Case-Laws Income Tax Wed, 26 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254289