2016 (6) TMI 1381

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....This is an appeal filed by the assessee against the order by the ld. CIT(A)-24, Mumbai dated 12.12.2012 for the assessment year (A.Y.) 2004-05, in the matter of order passed u/s.143(3) r/w s. 147 of the Income Tax Act, 1961. 2. In the ground so raised, the assessee is aggrieved for reopening as well as merit of the disallowance made u/s. 14A while computing book profit u/s.115JB of the Act. The ....

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....r more in one of the reasons recorded for A.Y. 2004-05 regarding the applicability of section 40(a)(ia) of the Act for non deduction of taxes on MICR payment is not applicable to the assessee as provisions of section 40(a)(ia) of the Act are applicable from A.Y. 2005-06. This shows that there is complete non-application of mind by the Assessing Officer while recording the reasons for reopening the....

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.... hence no income is assessable u/s.115JB. The said section has been extended to other assessee's like banks, insurance companies, etc. also as per the amendment made by Finance Act, 2012. In the following cases, it has been held that "Section 115JB is not applicable to Banks and other companies whose accounts are not made as per section 211 of the Companies Act". 1. Canara Bank vs. CIT (LTU), I....