https://www.taxtmi.com/caselaws?id=752439 The ITAT Mumbai held that Section 115JB (Minimum Alternate Tax) provisions were not applicable to banking companies prior to April 1, 2013, following the Bombay HC decision in Union Bank of India case. The assessee banking company was therefore not subject to MAT for assessment year 2005-06. Additionally, the tribunal allowed interest under Section 244A(1A) from January 1, 2017 to September 3, 2021, as the appeal effect order was passed after this provision's introduction, despite the assessment year being 2005-06. The appeal was decided against the Assessing Officer on the interest issue. en-us Wed, 08 May 2024 00:00:00 +0530 Fri, 10 May 2024 06:58:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752439 The ITAT Mumbai held that Section 115JB (Minimum Alternate Tax) provisions were not applicable to banking companies prior to April 1, 2013, following the Bombay HC decision in Union Bank of India case. The assessee banking company was therefore not subject to MAT for assessment year 2005-06. Additionally, the tribunal allowed interest under Section 244A(1A) from January 1, 2017 to September 3, 2021, as the appeal effect order was passed after this provision's introduction, despite the assessment year being 2005-06. The appeal was decided against the Assessing Officer on the interest issue. Case-Laws Income Tax Wed, 08 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752439