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“Section 129(1)”

Section References (mined)Section 129Section 129(1)55 judgments

DCIT-2(1)(1), MUMBAI, MUMBAI vs. CENTRAL BANK OF INDIA, MUMBAI

In the result, the appeal of the Revenue is dismissed

ITA 5521/MUM/2025[2016-17]Status: DisposedITAT Mumbai12 Nov 2025AY 2016-17

Bench: Shri Vikram Singh Yadav & Shri Anikesh Banerjeeassessment Year : 2016-17 Dcit, Circle-2(1)(1), Central Bank Of India, Room No. 561, 5Th Floor, Mumbai Main Office, Aayakar Bhavan, Vs. M.G. Road, Fort, Mumbai-400020. Greater Bombay, Mumbai-400023. Pan : Aaacc2498P (Appellant) (Respondent) For Assessee : Shri Nitesh Joshi For Revenue : Shri Virabhadra S. Mahajan, Sr.Dr Date Of Hearing : 10-11-2025 Date Of Pronouncement : 12-11-2025 O R D E R

For Appellant: Shri Nitesh JoshiFor Respondent: Shri Virabhadra S. Mahajan, Sr.DR
Section 115Section 115JSection 143(3)Section 271(1)(c)Section 36(1)(vii)

ITAT, Mumbai bench in its own case for the A.Y. 2013-14, it is not a "company" to which second proviso to Section 129(1) of the Companies Act, 2013 (18 of 2013) is applicable and hence, the provisions of Section 115JB of the I.T Act, are not applicable

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

In the result, the appeal filed by the Revenue is dismissed

ITA 1499/BANG/2025[2017-18]Status: DisposedITAT Bangalore06 Nov 2025AY 2017-18

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Shri Vishal Bhat - CAFor Respondent: Dr. Manjunath Karkihalli, CIT (DR)
Section 115JSection 211(2)

accordance with the provisions of the Act governing such company. 43. Since 115JB is applicable to the company to which second proviso to Section 129(1) applies, therefore, it would be relevant to quote Section 129 of the Companies Act which reads as under:- "129. Financial statement-(1) The financial ... Companies Act, then the first condition referred to in clause (b) of Section 115JB(2) is not fulfilled, and consequently second proviso below Section 129(1) of the Companies Act is also not applicable. 51. The main crux of the department is that since assessee bank has come into existence

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

In the result, the appeal filed by the Revenue is dismissed

ITA 1498/BANG/2025[2016-17]Status: DisposedITAT Bangalore06 Nov 2025AY 2016-17

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Shri Vishal Bhat - CAFor Respondent: Dr. Manjunath Karkihalli, CIT (DR)
Section 115JSection 211(2)

accordance with the provisions of the Act governing such company. 43. Since 115JB is applicable to the company to which second proviso to Section 129(1) applies, therefore, it would be relevant to quote Section 129 of the Companies Act which reads as under:- "129. Financial statement-(1) The financial ... Companies Act, then the first condition referred to in clause (b) of Section 115JB(2) is not fulfilled, and consequently second proviso below Section 129(1) of the Companies Act is also not applicable. 51. The main crux of the department is that since assessee bank has come into existence

ASSISTANT COMMISSIONER OF INCOME TAX, BANGALORE vs. CANARA BANK (ERSTWHILE SYNDICATE BANK), BANGALORE

In the result, the appeal filed by the Revenue is dismissed

ITA 1497/BANG/2025[2015-16]Status: DisposedITAT Bangalore06 Nov 2025AY 2015-16
For Appellant: \nShri Vishal Bhat - CA
Section 115JSection 211(2)

Companies Act, then the\nfirst condition referred to in clause (b) of Section 115JB(2) is not\nfulfilled, and consequently second proviso below Section 129(1) of the\nCompanies Act is also not applicable.\n\n51. The main crux of the department is that since assessee bank has\ncome into

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

In the result, the appeal filed by the Revenue is dismissed

ITA 1496/BANG/2025[2014-15]Status: DisposedITAT Bangalore06 Nov 2025AY 2014-15
For Appellant: \nShri Vishal Bhat - CA
Section 115JSection 211(2)

Companies Act, then the\nfirst condition referred to in clause (b) of Section 115JB(2) is not\nfulfilled, and consequently second proviso below Section 129(1) of the\nCompanies Act is also not applicable.\n51. The main crux of the department is that since assessee bank has\ncome into existence

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

In the result, the appeal filed by the Revenue is dismissed

ITA 1495/BANG/2025[2013-14]Status: DisposedITAT Bangalore06 Nov 2025AY 2013-14
For Appellant: \nShri Vishal Bhat - CA
Section 115JSection 211(2)

Companies Act, then the\nfirst condition referred to in clause (b) of Section 115JB(2) is not\nfulfilled, and consequently second proviso below Section 129(1) of the\nCompanies Act is also not applicable.\n51. The main crux of the department is that since assessee bank has\ncome into existence

CENTRAL BANK OF INDIA,MUMBAI vs. NFAC, CIT(APPEAL), DELHI

In the result, the appeal filed by the assessee bearing ITA No

ITA 2045/MUM/2022[2016-17]Status: DisposedITAT Mumbai17 Oct 2025AY 2016-17

Bench: Shri Om Prakash Kant & Shri Anikesh Banerjee

For Appellant: Shri Nitesh JoshiFor Respondent: Shri R A Dhyani, (CIT DR)
Section 115JSection 129Section 143(3)Section 147Section 250Section 52

accordance with the provisions of the Act governing such company. 43. Since 115JB is applicable to the company to which second proviso to Section 129(1) applies, therefore, it would be relevant to quote Section 129 of the Companies Act which reads as under:- "129. Financial statement-(1) The financial ... Companies Act, then the first condition referred to in clause (b) of Section 115JB(2) is not fulfilled, and consequently second proviso below Section 129(1) of the Companies Act is also not applicable. 51. The main crux of the department is that since assessee bank has come into existence

BANK OF BARODA ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 2(1)(1), MUMBAI

ITA 1913/MUM/2025[2015-16]Status: DisposedITAT Mumbai14 Oct 2025AY 2015-16

Bench: Smt. Beena Pillai (Jm) & Shri Omkareshwar Chidara (Am) Bank Of Baroda Acit-2(1)(1) Baroda Corporate Centre Room 561, 5Th Floor Corporate Accounts & Vs. Aayakar Bhavan Taxation Department, 2Nd M.K. Road Floor, C-26, G-Block Churchgate Bandra Kurla Complex Mumbai-400 020. Bandra-E, Mumbai-400 051. Pan : Aaacb1534F Appellant Respondent

For Respondent: Shri C. Naresh & Shri
Section 115JSection 143(3)Section 14ASection 263Section 36(1)(viii)

Companies Act, then the first condition referred to in clause (b) of Section 115JB(2) is not fulfilled, and consequently second proviso below Section 129(1) of the Companies Act is also not applicable. 4 Bank of Baroda 6.2. Again at para 58 of the order of Special Bench gives

ACIT (LTU)-1, MUMBAI vs. UNION BANK OF INDIA, MUMBAI

In the result, appeal of the assessee is allowed

ITA 882/MUM/2020[2015-16]Status: DisposedITAT Mumbai11 Aug 2025AY 2015-16
For Appellant: Shri C Naresh, A/RFor Respondent: Shri Vivek Perampurna, CIT D/R
Section 115JSection 36(1)(vii)Section 36(1)(viia)

Companies Act, then the first condition referred\nto in clause (b) of Section 115JB(2) is not fulfilled, and consequently second\nproviso helow Section 129(1) of the Companies Act is also not applicable.\n51. The main crux of the department is that since assessee bank has come\ninto existence

UNITED BANK OF INDIA,KOLKATA vs. DCIT, LTU, CIRCLE - 1, KOLKATA, KOLKATA

In the result, the Revenue’s appeal is dismissed (ITA No

ITA 428/KOL/2018[2013-14]Status: DisposedITAT Kolkata23 Jul 2025AY 2013-14

Bench: the ITAT. The grounds may be extracted for reference:

Section 115JSection 14ASection 15JSection 211Section 250Section 36(1)(viii)

provisions of the Act governing such company. [Para 42] Since section 115JB is applicable to the company to which second proviso to section 129(1) of the Companies Act applies. [Para 43] The second proviso applies to any insurance company, banking company or any company engaged in the generation ... Companies Act, then the first condition referred to in clause (b) of section 115JB(2) is not fulfilled, and consequently second proviso below section 129(1) of the Companies Act is also not applicable [para 50]. 6.3 Accordingly, grounds of appeal No. 4 to 7 are allowed. 7. Regarding grounds

DCIT/ACIT, LTU - 1, KOLKATA, KOLKATA vs. M/S. UNITED BANK OF INDIA, KOLKATA

In the result, the Revenue’s appeal is dismissed (ITA No

ITA 215/KOL/2018[2013-14]Status: DisposedITAT Kolkata23 Jul 2025AY 2013-14

Bench: the ITAT. The grounds may be extracted for reference:

Section 115JSection 14ASection 15JSection 211Section 250Section 36(1)(viii)

provisions of the Act governing such company. [Para 42] Since section 115JB is applicable to the company to which second proviso to section 129(1) of the Companies Act applies. [Para 43] The second proviso applies to any insurance company, banking company or any company engaged in the generation ... Companies Act, then the first condition referred to in clause (b) of section 115JB(2) is not fulfilled, and consequently second proviso below section 129(1) of the Companies Act is also not applicable [para 50]. 6.3 Accordingly, grounds of appeal No. 4 to 7 are allowed. 7. Regarding grounds

ACIT, ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 742/AHD/2023[2013-14]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2013-14

Bench: DR. BRR Kumar, Vice President\nAnd Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

created under a special statute (the 1970 Act) and not\nincorporated under the Companies Act.\n•\nThus, it is not covered by Section 129(1) second proviso of the\nCompanies Act, 2013 a prerequisite for Section 115JB(2)(b) to\napply.\nC. Non-Applicability of Schedule III or Section 129 ... strictly\nconstrued.\nE. Computation mechanism fails:\n•\nWithout the profit and loss account being prepared per the\nCompanies Act or as mandated under Section 129(1), the\ncomputation mechanism of Section 115JB fails, following the\nprinciple laid down in CIT v. B.C. Srinivasa Setty.\n18. 2. Similarly Delhi High Court

ACIT, ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 740/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2018-19

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

created under a special statute (the 1970 Act) and not incorporated under the Companies Act.  Thus, it is not covered by Section 129(1) second proviso of the Companies Act, 2013 – a prerequisite for Section 115JB(2)(b) to apply. C. Non-Applicability of Schedule III or Section 129 ... strictly construed. E. Computation mechanism fails:  Without the profit and loss account being prepared per the Companies Act or as mandated under Section 129(1), the computation mechanism of Section 115JB fails, following the principle laid down in CIT v. B.C. Srinivasa Setty. 18.2. Similarly Delhi High Court

ACIT, ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 739/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2017-18

Bench: DR. BRR Kumar, Vice President\nAnd Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

created under a special statute (the 1970 Act) and not\nincorporated under the Companies Act.\n• Thus, it is not covered by Section 129(1) second proviso of the\nCompanies Act, 2013 a prerequisite for Section 115JB(2)(b) to\napply.\n\nC. Non-Applicability of Schedule III or Section ... Computation mechanism fails:\n\n• Without the profit and loss account being prepared per the\nCompanies Act or as mandated under Section 129(1), the\ncomputation mechanism of Section 115JB fails, following the\nprinciple laid down in CIT v. B.C. Srinivasa Setty.\n\n18. 2. Similarly Delhi High Court

ACIT, ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 738/AHD/2023[2016-17]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2016-17

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

created under a special statute (the 1970 Act) and not incorporated under the Companies Act.  Thus, it is not covered by Section 129(1) second proviso of the Companies Act, 2013 – a prerequisite for Section 115JB(2)(b) to apply. C. Non-Applicability of Schedule III or Section 129 ... strictly construed. E. Computation mechanism fails:  Without the profit and loss account being prepared per the Companies Act or as mandated under Section 129(1), the computation mechanism of Section 115JB fails, following the principle laid down in CIT v. B.C. Srinivasa Setty. 18.2. Similarly Delhi High Court

ACIT, ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 737/AHD/2023[2015-16]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2015-16

Bench: DR. BRR Kumar, Vice President\nAnd Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

created under a special statute (the 1970 Act) and not\nincorporated under the Companies Act.\n•\nThus, it is not covered by Section 129(1) second proviso of the\nCompanies Act, 2013 a prerequisite for Section 115JB(2)(b) to\napply.\nC. Non-Applicability of Schedule III or Section 129 ... strictly\nconstrued.\nE. Computation mechanism fails:\n•\nWithout the profit and loss account being prepared per the\nCompanies Act or as mandated under Section 129(1), the\ncomputation mechanism of Section 115JB fails, following the\nprinciple laid down in CIT v. B.C. Srinivasa Setty.\n18. 2. Similarly Delhi High Court

ACIT, ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 736/AHD/2023[2014-15]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2014-15

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

created under a special statute (the 1970 Act) and not incorporated under the Companies Act.  Thus, it is not covered by Section 129(1) second proviso of the Companies Act, 2013 – a prerequisite for Section 115JB(2)(b) to apply. C. Non-Applicability of Schedule III or Section 129 ... strictly construed. E. Computation mechanism fails:  Without the profit and loss account being prepared per the Companies Act or as mandated under Section 129(1), the computation mechanism of Section 115JB fails, following the principle laid down in CIT v. B.C. Srinivasa Setty. 18.2. Similarly Delhi High Court

ACIT,ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 735/AHD/2023[2012-13]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2012-13

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

created under a special statute (the 1970 Act) and not incorporated under the Companies Act.  Thus, it is not covered by Section 129(1) second proviso of the Companies Act, 2013 – a prerequisite for Section 115JB(2)(b) to apply. C. Non-Applicability of Schedule III or Section 129 ... strictly construed. E. Computation mechanism fails:  Without the profit and loss account being prepared per the Companies Act or as mandated under Section 129(1), the computation mechanism of Section 115JB fails, following the principle laid down in CIT v. B.C. Srinivasa Setty. 18.2. Similarly Delhi High Court

NATIONAL DAIRY DEVELOPMENT BOARD,ANAND vs. THE DY.CIT, ANAND CIRCLE, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 728/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2018-19

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

created under a special statute (the 1970 Act) and not incorporated under the Companies Act.  Thus, it is not covered by Section 129(1) second proviso of the Companies Act, 2013 – a prerequisite for Section 115JB(2)(b) to apply. C. Non-Applicability of Schedule III or Section 129 ... strictly construed. E. Computation mechanism fails:  Without the profit and loss account being prepared per the Companies Act or as mandated under Section 129(1), the computation mechanism of Section 115JB fails, following the principle laid down in CIT v. B.C. Srinivasa Setty. 18.2. Similarly Delhi High Court

NATIONAL DAIRY DEVELOPMENT BOARD,ANAND vs. THE DY.CIT, ANAND CIRCLE, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 727/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2017-18
Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

created under a special statute (the 1970 Act) and not\nincorporated under the Companies Act.\n•\nThus, it is not covered by Section 129(1) second proviso of the\nCompanies Act, 2013 a prerequisite for Section 115JB(2)(b) to\napply.\n\nC. Non-Applicability of Schedule III or Section ... Computation mechanism fails:\n\n•\nWithout the profit and loss account being prepared per the\nCompanies Act or as mandated under Section 129(1), the\ncomputation mechanism of Section 115JB fails, following the\nprinciple laid down in CIT v. B.C. Srinivasa Setty.\n\n18. 2. Similarly Delhi High Court

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