https://www.taxtmi.com/caselaws?id=311338 Section 115JB of the Income-tax Act was treated as inapplicable to a statutory corporation whose accounts are governed by its special statute and not by the Companies Act framework, because the computation machinery under the provision presupposes company-style accounts. The Court also accepted that the Finance Act, 2012 amendment to Section 115JB was a substantive change and therefore operated only prospectively from assessment year 2013-14 onwards. On both issues, the answer was against the revenue, and the appeal failed. en-us Fri, 03 Dec 2021 00:00:00 +0530 Thu, 21 Dec 2023 06:03:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311338 Section 115JB of the Income-tax Act was treated as inapplicable to a statutory corporation whose accounts are governed by its special statute and not by the Companies Act framework, because the computation machinery under the provision presupposes company-style accounts. The Court also accepted that the Finance Act, 2012 amendment to Section 115JB was a substantive change and therefore operated only prospectively from assessment year 2013-14 onwards. On both issues, the answer was against the revenue, and the appeal failed. Case-Laws Income Tax Fri, 03 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311338