https://www.taxtmi.com/caselaws?id=765324 The ITAT Ahmedabad ruled that MAT provisions under Section 115JB did not apply to electricity companies governed by specific statutes distinct from the Companies Act, regardless of incorporation status, prior to the 2012 amendment effective from April 1, 2013. The tribunal relied on Rajasthan HC precedent in Ajmer Vidyut Vitran Nigam Ltd. and found that CIT(A)'s rejection of judicial precedents was unsustainable. The legislative intent and judicial guidance clearly established that electricity companies like the assessee were not intended to be covered by MAT before the amendment. The tribunal allowed the assessee's appeals for both assessment years and deleted additions to book profits under Section 115JB. en-us Thu, 26 Sep 2024 00:00:00 +0530 Thu, 30 Jan 2025 08:24:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765324 The ITAT Ahmedabad ruled that MAT provisions under Section 115JB did not apply to electricity companies governed by specific statutes distinct from the Companies Act, regardless of incorporation status, prior to the 2012 amendment effective from April 1, 2013. The tribunal relied on Rajasthan HC precedent in Ajmer Vidyut Vitran Nigam Ltd. and found that CIT(A)'s rejection of judicial precedents was unsustainable. The legislative intent and judicial guidance clearly established that electricity companies like the assessee were not intended to be covered by MAT before the amendment. The tribunal allowed the assessee's appeals for both assessment years and deleted additions to book profits under Section 115JB. Case-Laws Income Tax Thu, 26 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765324