UNION BANK OF INDIA,MUMBAI vs. DCIT LTU (2), MUMBAI

ITA 424/MUM/2020Status: HeardITAT Mumbai06 September 2024AY 2015-1647 pages
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What did the Tribunal hold?

The Tribunal held that the amended Section 115JB(2)(b) does not apply to the assessee banks. The High Court's decision in the assessee's own case, which held that the computation machinery provisions of Section 115JB failed for the banks, remains applicable.

What were the facts?

The appeals concern whether Section 115JB of the Income-tax Act, particularly after its amendment in 2012, applies to nationalized banks like Union Bank of India and Central Bank of India. The Assessing Officer and CIT(A) held that the amended provisions bring these banks within the scope of Section 115JB.

What were the issues?

The primary issue is whether nationalized banks, as 'corresponding new banks', are brought under the purview of Section 115JB of the Income-tax Act following the 2012 amendment, and if the computation provisions are applicable to them.

Which sections of the Income-tax Act were involved?

Section 115JB,Section 129,Section 211

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Cases cited in this judgment(4)Show list

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Income Tax Appellate Tribunal, ‘SPECIAL BENCH’

Before: JUSTICE (Retd.) SHRI C.V. BHADANGSHRI B.R. BASKARAN & SHRI AMIT SHUKLA

For Appellant: Shri Percy Pardiwala, Shri C, Shri Nitesh Joshi, Shri R, Shri S. Ananthan
For Respondent: Shri N.V. Mohanty, Special, Shri Ankush Kapoor
Hearing: 10/07/2024Pronounced: 06/09/2024

Heard together (2 matters)

ITA No.424/Mum/2020
ITA No.3740/Mum/2018

Read from the judgment's own cause title. This page is filed under one of them.

PER AMIT SHUKLA (J.M): In the aforesaid cases, this Special Bench has been constituted for adjudication of following question of law which is permeati

The order continues below.

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