https://www.taxtmi.com/caselaws?id=447284 ITAT Kolkata held that Section 115JB amendments by Finance Act 2012 effective from 01.04.2013 brought government companies like the assessee under its ambit. Prior to amendment, companies not required to prepare financial statements under Schedule VI of Companies Act 1956 were excluded. Post-amendment, all companies including those governed by regulatory Acts must prepare profit and loss accounts per Schedule VI for Section 115JB computation. Following jurisdictional HC precedent, ITAT ruled amendments were substantive, not declaratory, applying prospectively. Revenue's appeal for AY 2012-13 failed but succeeded for AY 2016-17, 2017-18, and 2018-19. en-us Thu, 30 Nov 2023 00:00:00 +0530 Thu, 21 Dec 2023 20:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447284 ITAT Kolkata held that Section 115JB amendments by Finance Act 2012 effective from 01.04.2013 brought government companies like the assessee under its ambit. Prior to amendment, companies not required to prepare financial statements under Schedule VI of Companies Act 1956 were excluded. Post-amendment, all companies including those governed by regulatory Acts must prepare profit and loss accounts per Schedule VI for Section 115JB computation. Following jurisdictional HC precedent, ITAT ruled amendments were substantive, not declaratory, applying prospectively. Revenue's appeal for AY 2012-13 failed but succeeded for AY 2016-17, 2017-18, and 2018-19. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447284