2024 (5) TMI 492

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....ct, 1961 (the Act) does not apply to the assessee bank and further, the learned CIT (A) has allowed the interest to the assessee under Section 244A(1A) of the Act. The learned Assessing Officer has raised following grounds of appeal:- "1. Whether, on the facts and in the circumstances of the case and in law, the Ld. CIT(A) is right in holding that the provisions of section 115JB of the Act are not applicable to the assessee-Bank to whom proviso to sub section 2 of 211 of the companies Act 1956 applies? 2. Whether, on the facts and in the circumstances of the case and in law, the Ld. CIT(A) is right in holding that the amendment to section 115JB of the Income Tax Act, 1961, to bring all the companies (including companies to....

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....further the claim of the assessee that the mandatory interest under Section 244A(1A) of the Act is not granted to the assessee despite the order giving effect is passed beyond the limit prescribed under Section 153(5) of the Act. 04. Before the learned CIT (A) assessee submitted that i. the co-ordinate Bench has held that reopening was bad in law and consequent to that the provision of Section 115JB of the Act could not have been applied to the assessee. The learned CIT (A) held that Hon'ble Bombay High Court in case of Union Bank of India 263 taxmann 685 and co-ordinate Bench in assessee's own case for A.Y. 2008-09 and 2011-12 to A.Y. 2013-14 has held that provision of Section 115JB of the Act should not applicable to banki....

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....the learned CIT (A) is A.Y. 2005-06, therefore, this provision could not have been applied. 07. The learned Authorized Representative submitted that i. Provision of Section 115JB of the Act cannot be applied to banking company like assessee, prior to the amendment made by Finance Act, 2012. He submitted that amendment made by the Finance Act, 2012, with effect from 1st April, 2013, has changed the scenario but prior to that provision of Section 115JB of the Act, it is not applicable to the banks held by the Hon'ble Bombay High Court in 263 taxmann.285, which has been relied upon by the learned Commissioner of Income-tax (Appeals). Further, in assessee's own case for earlier year it has been held so. ii. With respect....