ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(2)(1), BANGALORE vs. CANARA BANK (ERSTWHILE SYNDICATE BANK), BANGALORE

ITA 1498/BANG/2025Status: DisposedITAT Bangalore06 November 2025AY 2016-17Bench: SHRI WASEEM AHMED (Accountant Member), SHRI KESHAV DUBEY (Judicial Member)11 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that Section 115JB of the Income Tax Act, as it stood prior to its amendment by the Finance Act, 2012, is not applicable to banking companies. This decision was based on previous judgments of the Tribunal and High Courts.

What were the facts?

The Revenue appealed against the CIT(A)'s order holding that Section 115JB of the Income Tax Act was not applicable to the assessee, a banking company. The assessee contended that as a bank, it was outside the purview of Minimum Alternate Tax (MAT) provisions.

What were the issues?

The primary issue was whether the provisions of Section 115JB (MAT) are applicable to banking companies, particularly those constituted as 'corresponding new banks'.

Which sections of the Income-tax Act were involved?

Section 115JB

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Cases cited in this judgment(5)Show list

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Income Tax Appellate Tribunal, ‘A’ BENCH, BANGALORE

Before: SHRI WASEEM AHMED & SHRI KESHAV DUBEY

For Appellant: Shri Vishal Bhat - CA
For Respondent: Dr. Manjunath Karkihalli, CIT (DR)
Hearing: 24.09.2025Pronounced: 06.11.2025

PER WASEEM AHMED, ACCOUNTANT MEMBER:

This set of appeals is filed by the Revenue against the order passed by the NFAC vide order dated 29-03-2025 for the assessment years 2013-14 to 2017-18. ITA No. 1495/Bang/2025 for the AY 2013-14

2.

The only interconnected issued raised by the Revenue is that the ld. CIT(A) erred in holding that the provisions of sec. 115JB of the Act are not applicable to the assessee being a Banking Company.

ITA No.1495 - 1499/Bang/2025

3.

At the outset, the ld. Counsel for the assessee before us submitted that the assessee is a bank and therefore, it is outside the purview of MAT provision speci

The order continues below.

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