https://www.taxtmi.com/caselaws?id=268996 Section 115JB applies only where the company's book profit is computed from accounts prepared in the manner required by section 115JB(2), linked to section 211(2) of the Companies Act, 1956. Banking companies, being permitted to prepare accounts under the Banking Regulation Act, 1949 and not under Part II and Schedule VI of the Companies Act, 1956, were treated as outside that framework for the relevant year. The later insertion of Explanation 3 by the Finance Act, 2012 clarified the position prospectively from 1 April 2013. On that statutory scheme, section 115JB did not apply to the assessee bank for assessment year 2002-03. en-us Fri, 27 Nov 2015 00:00:00 +0530 Sat, 05 Dec 2015 11:07:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268996 Section 115JB applies only where the company's book profit is computed from accounts prepared in the manner required by section 115JB(2), linked to section 211(2) of the Companies Act, 1956. Banking companies, being permitted to prepare accounts under the Banking Regulation Act, 1949 and not under Part II and Schedule VI of the Companies Act, 1956, were treated as outside that framework for the relevant year. The later insertion of Explanation 3 by the Finance Act, 2012 clarified the position prospectively from 1 April 2013. On that statutory scheme, section 115JB did not apply to the assessee bank for assessment year 2002-03. Case-Laws Income Tax Fri, 27 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268996