2020 (12) TMI 109

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....,95,59,340/- made by the A.O. u/s. 115JB. 3. For these and such other grounds that may be urged at the time of hearing, it is humbly prayed that the order of the Ld. CIT(A) be reversed and that of the Assessing Officer be restored. 2. Facts of the case are that the assessee is a company carrying on the business of generation and selling of power had filed Nil return of income under normal provisions of the Income Tax Act, 1961 ['the Act' for short]. The assessee also claimed that the provisions of section 115JB of the Act were not applicable to the assessee as there was no tax payable on the income as per the regular computation of income under the Act, which is a sine qua non for application of the provisions of the Act u/s. 115....

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....hat the SLP was admitted by Hon'ble Supreme Court against the judgement of Hon'ble Karnataka High Court in the case of CIT Vs. IngVysya Bank Ltd. and assessee's own case (186 DTR 193) and hence the issue may be decided in favour of the revenue. 6. On the other hand, Ld. A.R. relied on the judgement of the Hon'ble Karnataka High Court in assessee's own case and also order of the Tribunal in assessee's own case. 7. We have heard the rival submissions, perused the materials available on record and gone through the orders of the authorities below. Admittedly, this issue was considered by this Tribunal in assessee's own case in favour of assessee in earlier assessment year in ITA Nos. 534 to 536/Bang/2018 dated 31.1....

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....also P&L are for the period. Part if and Part III of Sch. VI to the Companies Act specify the method and manner of maintaining P&L a/c. It is also pertinent to note that the assessee under s. 210 of the Companies Act. 1956 is also required to lay its account before the annual general meeting. However such accounts 'lave to be prepared in accordance with the Banking Regulation Act, 1949 which is not possible for the reasons assigned supra. The submission that proviso to sub-s. (2) of s. 115JB creates a legal fiction cannot be accepted as under the aforesaid proviso, the company has to prepare the P&L a/c and to place it before the annual general meeting in accordance with provisions of s. 210 of the Companies Act, 1956. A banking company....