https://www.taxtmi.com/caselaws?id=758545 Section 115JB MAT machinery applies differently after the 2013 amendment: clause (a) covers companies preparing accounts under Schedule III to the Companies Act, 2013, while clause (b) is confined to cases where the second proviso to section 129(1) of that Act applies. Corresponding new banks constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 are not companies formed or registered under the Companies Act and prepare accounts under the Banking Regulation Act, 1949 and the acquisition statute. The deeming fiction treating such banks as Indian companies for income-tax purposes cannot be extended to satisfy the Companies Act condition in section 115JB(2)(b), so MAT under that provision does not apply to them. en-us Fri, 06 Sep 2024 00:00:00 +0530 Thu, 05 Jun 2025 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758545 Section 115JB MAT machinery applies differently after the 2013 amendment: clause (a) covers companies preparing accounts under Schedule III to the Companies Act, 2013, while clause (b) is confined to cases where the second proviso to section 129(1) of that Act applies. Corresponding new banks constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 are not companies formed or registered under the Companies Act and prepare accounts under the Banking Regulation Act, 1949 and the acquisition statute. The deeming fiction treating such banks as Indian companies for income-tax purposes cannot be extended to satisfy the Companies Act condition in section 115JB(2)(b), so MAT under that provision does not apply to them. Case-Laws Income Tax Fri, 06 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758545