https://www.taxtmi.com/caselaws?id=766160 Section 115JA governs computation of book profit and minimum alternate tax in the assessment of a foreign bank. Its applicability to banking companies, including foreign banks, is identified as being covered by existing precedent. Revenue appeals challenging such computation may also be subject to the CBDT monetary threshold; where tax computed on book profit falls below the applicable threshold, the appeal is not maintainable. The stated outcome favours the bank, with the Revenue's challenge to the Section 115JA computation dismissed on the combined grounds of low tax effect and settled precedent. en-us Thu, 16 Jan 2025 00:00:00 +0530 Wed, 19 Feb 2025 08:42:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766160 Section 115JA governs computation of book profit and minimum alternate tax in the assessment of a foreign bank. Its applicability to banking companies, including foreign banks, is identified as being covered by existing precedent. Revenue appeals challenging such computation may also be subject to the CBDT monetary threshold; where tax computed on book profit falls below the applicable threshold, the appeal is not maintainable. The stated outcome favours the bank, with the Revenue's challenge to the Section 115JA computation dismissed on the combined grounds of low tax effect and settled precedent. Case-Laws Income Tax Thu, 16 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766160