2011 (8) TMI 1112

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....ondent : Dr. I. Vijayakumar, CIT-DR ORDER PER N.S. SAINI, ACCOUNTANT MEMBER : This appeal is filed by assessee for the assessment year 2000- 2001 against an order dated 21.01.2010 of Commissioner of Income Tax (Appeals)-III, Chennai. 2. Ground No. 1 of the appeal of the assessee was not pressed by the ld. A.R. of the assessee at the time of hearing. 3. Ground No. 2 of the appeal of ....

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....n. The Assessing Officer also relied on the decision of the Hon'ble Madras High Court in the case of Tamil Nadu Mercantile Bank 255 ITR 205 and stated that the High Court has impliedly accepted that the provisions of Companies Act were applicable to the bank. 4. On appeal, the ld. CIT(A) held that he was unable to agree with the contention of the assessee that since it was not required to p....

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....ase, the assessee was an Electricity Board whereas in the present case, the assessee is a bank. The ld. A.R. of the assessee has not given any reasons as to how the said decision was applicable to the assessee's case. Therefore, he rejected the contention of the assessee that the provisions of section 115JB will not apply in its case. 6. The ld. A.R. of the assessee reiterated the submissions m....

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....see is indeed well taken, and it meets our approval. The provisions of s. 115JB can only come into play when the assessee is required to prepare its P&L a/c in accordance with the provisions of Parts II and III of Sch. VI to the Companies Act. The starting point of computation of MAT under s. 115JB is the result shown by such a P&L a/c. In the case of banking companies, however, the provisions of ....