2025 (2) TMI 769

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.... (PER JITENDRA JAIN, J.) 1. This group of six appeals filed by the Appellant-Revenue are disposed of, by consent of both the parties, by common order since the issue involved in all these appeals is identical. 2. The details of the appeals and the question which was admitted by this Court by various orders are as under:- "AY. 2001-02, Appeal No. 1688 of 2009 (i) Whether on the facts and circumstances of the case and in law, the ITAT is right in holding that the provisions of Sec. 115JB of the Act are not applicable in the case of the Respondent and that the tax levied u/s. 115JB of the ACT on the assessee should he deleted? AY. 2002-03, Appeal No. 277 of 2009 (i) Whether on the facts and circumstanc....

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....n 115JB are applicable to the assessee ignoring the facts that accounts of the assessee are prepared according to the provision of electricity supply Act? AY. 2009-10, Appeal No. 1222 of 2015 (i) Whether in law and on the facts of the instant case, was the Tribunal right in holding that the provisions of Section 115JB are inapplicable in the case of Respondent Company? 3. Insofar as Question (i) in all the above appeals are concerned, the issue is whether provision of Section 115JB of the Income Tax Act 1961 ("IT Act") applies to a company engaged in the business of providing electricity and governed by the Electricity Supply Act. The contention of the Assessee-Respondent is that since financials of electricity companie....

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....lhi). We may further observe that both the parties have agreed that the ratio laid down by the Coordinate Benches of this Court in the case of Commissioner of Income-tax-LTU vs. Union Bank of India (2019) 105 taxmann.com 253 (Bombay), Commissioner of Income Tax (IT)-2 vs. M/s. Dresdner Bank AG ITXA No.968 of 2018 order dtd. 16 January 2025 and Principal Commissioner of Income Tax vs. Dena Bank (2020) 120 taxmann.com 60 (Bombay) squarely applies to the facts of the present case since even the banking companies are not required to make their financials according to the Companies Act, but since they are required to make their financials as per the Banking Regulation Act, the provision of Section 115JB would not be applicable. 6. In view of ....