TaxTMI 
TaxTMI 
2019 (4) TMI 2190
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....14-15 vide order dated 27.11.2017 & 17.11.2017. The Assessment was framed by the Dy. Commissioner of Income Tax, Circle 2(1)(1), Mumbai (in short 'DCIT/ ITO / AO') for the A.Y. 2003-04 vide order dated 18.03.2016 under section 143(3) of the Income Tax Act, 1961 (hereinafter 'the Act'). For AY 2008-09 the AO passed order giving effect to the CIT(A)'s order dated 28.03.2014 under section 250 of the Act. 2. The first common issue in these appeals is as regards to the application of the provisions of section 115JB of the Act while computing the tax liability of the assessee bank. For this assessee has raised the following ground No. 1: - "1. On the facts and in the circumstances of the case and in law, the learned Deputy Commissione....
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....f the Companies Act, 1956, applies) is not applicable in the assessment year under consideration without appreciating that the said amendment is clarificatory in nature and, thus, retrospective in effect. 3. On the facts and in the circumstances of the case and in law, the Id. CIT(A) erred in holding that the AO did not invoked the provisions of 115JB during assessment order passed u/s 143(3) while the tax liability of the assessee always raised under normal provisions of the IT Act." 3. We have head rival contentions and gone through the facts and circumstances of the case. We find that for the relevant assessment year 2003-04 & 2008-09, the issue is squarely covered by Tribunal's decision in assessee's own case in ITA No. 2907....
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.... 03.08.2016 in assessee's own case, wherein tribunal followed its own decision for AY 2006-07. Similar view as to non applicability of minimum alternate tax(MAT) on book profits computed u/s 115JB of the 1961 Act was taken by Kolkatta-tribunal in ITA No. 1768/Kol/2009 for AY 2002-03 in UCO Bank v. DCIT, vide orders dated 27.11.2015, wherein the Kolkatta tribunal concluded that amendment brought in by Finance Act, 2012 in Section 115JB read with Explanation 3 thereon is prospective in nature and shall be applicable from AY 2013-14 onwards in line with Notes to Clauses of Finance Act, 2012. One of us namely Hon'ble Judicial Member was part of the Division Bench who passed the appellate order in the case of UCO Bank(supra). We have al....
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....g effect, the total income became a negative figure and hence the AO assessed the total income by adopting book profit computed u/s 115JB of the Act. The Ld CIT(A) confirmed the same by following his order passed in the first round of proceedings. Aggrieved, the assessee has challenged the order passed by Ld CIT(A) on this issue. 3.The Ld. A.R submitted that this issue has been decided in favour of the assessee in AY 2006-07, wherein the Tribunal has followed the decision rendered in the assessee's own case in ITA No.1498/Mum/2011 relating to AY 2001-02. Accordingly, he prayed that this issue may be decided in accordance with the decision taken by the co-ordinate benches. 4. We heard Ld. D.R and perused the record. Consist....
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....nd enhance the refund accordingly." 6. We have heard rival contentions and gone through the facts and circumstances of the case. We find that this issue is also covered by Tribunal's decision in assessee's own case in ITA No. 2907 & 2908/Mum/2017 for AY 2007-08 & 2009-10 vide order dated 22.11.2018, wherein the issue is decided vide Para 7 as under: - "7. The next ground number 3 and 4 raised by Revenue in its appeal for AY 2007-08 relates to computation of grant of interest u/s 244A of the 1961 Act payable to the assessee, on refund arising out of the order giving effect to order of the appellate authority or consequent to order passed u/s 154 of the 1961 Act. The identical issue is also recurring issue in assessee's own case w....