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“book profits”

Special Rate ProvisionsSection 115JBSection 115JB1,713 judgments

The decision most relied on for book profits is Godrej & Boyce Mfg. Co. Ltd. v. DCIT (328 ITR 81), cited in 1,183 judgments on BharatTax.

Leading authorities on book profits

Godrej & Boyce Mfg. Co. Ltd. v. DCIT
328 ITR 81 · 2010 · High Court
1,183
citing judgments

Rule 8D, for computing disallowance under Section 14A for expenses related to exempt income, applies from Assessment Year 2008-09 onwards; for prior years, a reasonable disallowance must be made. The disallowance under Section 14A cannot exceed the actual exempt income earned.

ACIT v. Vireet Investment Pvt. Ltd.
165 ITD 27 · 2017 · ITAT
882
citing judgments

No disallowance under section 14A can be made while computing book profits under section 115JB unless the expenditure is debited to the profit and loss account and satisfies clause (f) of Explanation 1 to section 115JB(2).

Joint Investments Pvt. Ltd. v. CIT
372 ITR 694 · 2015 · High Court
803
citing judgments

Disallowance under section 14A of the Income Tax Act cannot exceed the actual amount of exempt income earned by the assessee. This principle also applies when computing book profits under section 115JB.

ACIT v. Vireet Investment Pvt. Ltd.
82 Taxmann.com 415 · 2017 · High Court
789
citing judgments

Disallowance computed under Section 14A, read with Rule 8D, cannot be added to book profits under Section 115JB for Minimum Alternate Tax (MAT) purposes. Additionally, for Section 14A disallowance, only investments that yielded exempt income during the year are considered for calculating their average value.

Apollo Tyres Ltd. v. CIT
255 ITR 273 · 2002 · Supreme Court
657
citing judgments

For the purpose of computing book profits under Section 115J, arrears of depreciation, including those arising from assets working extra shifts, are a necessary charge on profits if debited to the profit and loss account and are allowable as such.

Kedarnath Jute Mfg. Co. Ltd. v. CIT
82 ITR 363 · 1971 · Supreme Court
654
citing judgments

Tax liability for an item of income or expenditure is determined solely by the provisions of the Income-tax Act. Entries in an assessee's books of account are not conclusive and do not govern the taxability or deductibility of an item, as the legal rights and obligations under the Act prevail.

CIT v. President Industries
258 ITR 654 · 2002 · High Court
471
citing judgments

When books of account are rejected and unaccounted sales or receipts are discovered, the income addition is restricted to the net profit element embedded in these undisclosed transactions, not the entire sale proceeds or receipts, especially if corresponding purchases are not proven to be outside the books.

CIT v. Yokogawa India Ltd.
341 ITR 385 · 2012 · High Court
270
citing judgments

A provision for doubtful debts cannot be added back while computing book profits under Section 115JB of the Income-tax Act for Minimum Alternate Tax (MAT) purposes.

Judgments citing book profits

Brightcom Group Limited (Formerly Known As Lycos Internet Limited), Hyderabad vs. Asst. Commissioner of Income Tax, Circle-16(1), Hyderabad

In the result, the appeal filed by the assessee is allowed in terms of our observations given hereinabove

ITA 1862/HYD/2017[2013-14]Status: DisposedITAT Hyderabad03 Dec 2025AY 2013-14
Section 145Section 92BSection 92C

fact that the assessee has debited prior period expenses in accordance with Accounting Standard 5 issued by ICAI 4. Erred in re-computing the book profits by adding the Exempted Profit of Rs. 3,16,58,866/- and Foreign Currency Gain of Rs. 8,73,48,776/- without appreciating ... Group Limited formally known as Lycos Internet Limited filed its return of income on 30.11.2013 admitting loss at Rs. 97,52,658/- and the book profit u/s 115JB was admitted at (-) Rs. 1,32,81,915/-. The return of income was processed u/s 143(1) of the Act, and subsequently

Balaji Powertronics, New Delhi vs. DCIT, Circle- 43(1), New Delhi

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

ITA 2743/DEL/2022[2017-18]Status: DisposedITAT Delhi02 Dec 2025AY 2017-18

Bench: Shri M Balaganesh & Shri Vimal Kumarassessment Year: 2017-18 M/S. Balaji Powertronics, Vs. Dcit, Circle-43(1), H-56, Udyog Nagar, New Delhi Main Rohtak Road, Delhi – 1100 41 Pan :Aagfb0501M (Appellant) (Respondent)

Section 142(1)Section 143(2)Section 143(3)Section 144BSection 144CSection 144C(13)Section 144C(5)Section 270ASection 80Section 928A

that Excise duty exemption being capital in nature not chargeable to tax under normal provisions of the Act cannot be included as part of Book profits for computing minimum alternate tax u/s 115IB of the Act. 9.3 On identical issue the matter has been allowed by the Hon'ble Jurisdictional

Fuji Electric India Private Limited, Chennai vs. Deputy Commissioner of Income Tax, Corporate Circle 1(1), Chennai

In the result the appeal of the Assessee is partly allowed for statistical purposes

ITA 701/CHNY/2025[2020-21]Status: DisposedITAT Chennai01 Dec 2025AY 2020-21

Bench: Shri Manu Kumar Giri & Shri S. R. Raghunatha

For Appellant: Shri. Siddhesh Chaugula, C.AFor Respondent: Shri. A R V Sreenivasan, C.I.T
Section 92C

matter is remanded to the AO. Thus Ground nos. 3 & 4 are partly allowed for statistical purposes. 15. Ground no.5: Erroneous computation of book profits. 15.1 The Ld.AR contended that the Assessee had book losses but the AO while passing the Final Assessment Order in the Computation Sheet has erroneously ... computed book profit of Rs.18,16,055/-. We find that the issue has emerged post DRP directions, we hereby direct the AO recompute the book profits u/s.115JB of the Act in accordance with law. 16. Ground No.6: Levy of ad hoc interest of Rs.21,248/-. 16.1 The Ld.AR contended that

Fivd India Consulting Pvt Ltd, Gurgaon vs. DCIT, Central Circle-1(1), Gurgaon

In the result, appeal of the assessee is allowed for statistical purpose in the terms aforesaid

ITA 3877/DEL/2025[2023-24]Status: DisposedITAT Delhi28 Nov 2025AY 2023-24

Bench: Shri Vikas Awasthy& Shri S Rifaur Rahmanआअसं.3877/िद"ी/2025 (िन.व. 2023-24) Fivd India Consulting P.Ltd., 1022-1027, 10Th Floor, Emaar Digital Green, Sector-21, Golf Course Ext Road, Near Golf Ext., Gurgaon, Haryana 122002 ...... अपीलाथ"/Appellant Pan: Aaecf-3663-P बनाम Vs. Deputy Commissioner Of Income Tax, ....."ितवादी/Respondent Circle 1(1), Gurgaon, Haryana 122002 Assessee By : Shri Y K Sud, Chartered Accountant Department By: Ms. Monika Singh, Cit(Dr) सुनवाई क" ितिथ/ Date Of Hearing : 18/11/2025 घोषणा क" ितिथ/ Date Of Pronouncement : : 28/11/2025 आदेश/Order Per Vikas Awasthy, Jm: This Appeal By The Assessee Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)/Additional/Joint Commissioner Of Income Tax(Appeals), Bhubaneswar (Hereinafter Referred To As 'The Cit(A)') Dated 04.04.2025, For Assessment Year 2023-24. 2. Shri Y K Sud, Appearing On Behalf Of The Assessee Submits That The Short Issue In Present Appeal Is Disallowance Of Assessee’S Claim Of Deduction U/S.80Iac Of The Income Tax Act,1961(Hereinafter Referred To As ‘The Act’). He Submitted That The Assessee Is Engaged In The Business Of Interior Design, Architectural Advisory Services

For Appellant: Shri Y K Sud, Chartered AccountantFor Respondent: Ms. Monika Singh, CIT(DR)
Section 115JSection 139Section 143(1)Section 44ASection 80I

assessee filed its return of income on 30.11.2023 claiming deduction u/s.80IAC amounting to Rs.18,57,30,737/-. The assessee calculated its book profits u/s. 115JB and offered Rs.18,43,88,071/- to tax. The return of the assessee was processed u/s.143(1) of the Act. While processing return of income

Associated Global Finance Ltd., Kolkata vs. ACIT, Central Circle 4(1), Kolkata

Appeal of the assessee is allowed

ITA 2139/KOL/2025[2017-2018]Status: DisposedITAT Kolkata27 Nov 2025AY 2017-2018

Bench: SHRI GEORGE MATHAN, JUDICIAL MEMBER SHRI SANJAY AWASTHI (Accountant Member)

Section 115JSection 14ASection 154Section 250

this case, the Ld. AO noticed that certain additions to the income u/s 14A of the Act were not factored into the computation of book profits u/s 115JB of the Act. The Ld. AO, thereafter, proceeded ahead to rectify the alleged error u/s 154 of the Act and thereby included ... preferred to refer the judgments of various Hon'ble ITATs and Hon'ble Karnataka High Court which was adjudicated on similar issue of Book Profit but favoured the assessee only on different footings like e.g. the AO has already concluded in the original assessment without extending any addition

Repal Renewables Private Limited, Hyderabad vs. DCIT Circle -3(1), Hyderabad

In the result, both the appeals of the Assessee are allowed

ITA 481/HYD/2022[2018-19]Status: DisposedITAT Hyderabad26 Nov 2025AY 2018-19

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdiaआ.अपी.सं /Ita No.116 & 481/Hyd/2022 Assessment Years 2017-2018 & 2018-2019 Repal Renewables Private Limited, The Dcit, Circle-3(1), Vs. Hyderabad. Hyderabad – 500 081 Pan Aagcr9762B (Appellant) (Respondent) िनधा"रती "ारा /Assessee By: Sri Harsh R Shah, Advocate & Ca Karan Jain राज" व "ारा /Revenue By: Ms U Mini Chandran, Cit-Dr

For Appellant: Sri Harsh R Shah, Advocate &For Respondent: MS U Mini Chandran, CIT-DR
Section 115JSection 143(3)Section 153Section 234Section 234BSection 234DSection 270A

instances are rejected from the fresh benchmarking exercise conducted by the Id. TPO, the Appellant's transaction is at arm's length. Computation of book profits 6. On the facts and circumstances of the case and in law, the ld. AO erred in computing the amount of book profits ... consequent taxes as per Section 115JB of the Act. The AO ought to have appreciated that "book profits cannot be enhanced by the quantum of additions under Chapter X. Interest under section 2348 and 234D 7. On the facts and circumstances of the case

Repal Renewables Private Limited, Hyderabad vs. DCIT, Circle 8(1), Hyderabad

In the result, both the appeals of the Assessee are allowed

ITA 116/HYD/2022[2017-18]Status: DisposedITAT Hyderabad26 Nov 2025AY 2017-18

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdiaआ.अपी.सं /Ita No.116 & 481/Hyd/2022 Assessment Years 2017-2018 & 2018-2019 Repal Renewables Private Limited, The Dcit, Circle-3(1), Vs. Hyderabad. Hyderabad – 500 081 Pan Aagcr9762B (Appellant) (Respondent) िनधा"रती "ारा /Assessee By: Sri Harsh R Shah, Advocate & Ca Karan Jain राज" व "ारा /Revenue By: Ms U Mini Chandran, Cit-Dr

For Appellant: Sri Harsh R Shah, Advocate &For Respondent: MS U Mini Chandran, CIT-DR
Section 115JSection 143(3)Section 153Section 234Section 234BSection 234DSection 270A

instances are rejected from the fresh benchmarking exercise conducted by the Id. TPO, the Appellant's transaction is at arm's length. Computation of book profits 6. On the facts and circumstances of the case and in law, the ld. AO erred in computing the amount of book profits ... consequent taxes as per Section 115JB of the Act. The AO ought to have appreciated that "book profits cannot be enhanced by the quantum of additions under Chapter X. Interest under section 2348 and 234D 7. On the facts and circumstances of the case

DCIT 3.2.1, Mumbai vs. The New India Assurance Co Limited, Mumbai

ITA 2827/MUM/2024[2017-18]Status: DisposedITAT Mumbai21 Nov 2025AY 2017-18
For Appellant: Shri Farooq IraniFor Respondent: Shri Satya Pal Kumar&
Section 115JSection 143(3)Section 147Section 148

whereby income of the Assessee was determined at INR.3,44,52,52,130/- under normal provisions of the Act and Book Profit under Section 115JB of the Act were determined at INR.1,70,14,98,778/-. Thereafter, reassessment proceedings were again initiated under Section 147 of the Act by issuance ... I.T.Act, 1961 are no applicable in the case of the assessee.” 147. The Ground No.6 raised by the Revenue pertains to Computation of Book Profit under Section 115JB. 148. The Revenue is aggrieved by the fact that the CIT(A) has overturned the decision of the Assessing Officer to enhance

The New India Assurance Co. Ltd, Mumbai vs. Deputy Commissioner of Income Tax, Circle -3(2)(2), Mumbai

ITA 2618/MUM/2024[2013-14]Status: DisposedITAT Mumbai21 Nov 2025AY 2013-14
Section 115JSection 143(3)Section 147Section 148

whereby income of the Assessee was determined at INR.3,44,52,52,130/- under normal provisions of the Act and Book Profit under Section 115JB of the Act were determined at INR.1,70,14,98,778/-. Thereafter, reassessment proceedings were again initiated under Section 147 of the Act by issuance

DCIT Circle 1(1), New Delhi vs. Acme Tele Power Ltd. (Now Known As Acme Cleantech Solution Ltd.), New Delhi

In the result, appeal of the Revenue is dismissed

ITA 1074/DEL/2023[2010-11]Status: DisposedITAT Delhi20 Nov 2025AY 2010-11

Bench: Shri Sudhir Pareek & Shri Manish Agarwal[Assessment Year : 2011-12] M/S. Acme Cleantech Solutions Vs Dcit, Ltd., C/O-M/S. Rra Taxindia, Circle-1(2) D-28, South Extension, Part-1, New Delhi New Delhi-110049 Pan-Aaeca0914A Appellant Respondent [Assessment Year : 2010-11] M/S. Acme Cleantech Solutions Vs Addl.Cit, Ltd., C/O-M/S. Rra Taxindia, Range-1 D-28, South Extension, Part-1, New Delhi New Delhi-110049 Pan-Aaeca0914A Appellant Respondent [Assessment Year : 2010-11] Dcit, Vs M/S. Acme Tele Power Ltd. Circle-1(1) [Now, Known As M/S. Acme New Delhi Cleantech Solutions Ltd.] C/O-M/S. Rra Taxindia, D-28, South Extension, Part-1, New Delhi-110049 Pan-Aaeca0914A Appellant Respondent

Section 143(3)Section 144C(13)Section 14ASection 92BSection 92C

such warranty is extended to the customer alongwith the sales of the goods is an ascertained liability and should not be added to the book profit u/s 115JB of the Act. 27. From the perusal of the Financial statements of the assessee for the year under appeal as available ... claimed, no disallowance is required to be made. Further since it is ascertained liability, no addition is required to be made in the book profits u/s 115JB of the Act. With these directions, Ground of appeal Nos.8 & 9 raised by the assessee are partly allowed for statistical purposes

M/S. Acme Cleantech Solutions Ltd., New Delhi vs. DCIT, New Delhi

In the result, appeal of the Revenue is dismissed

ITA 3641/DEL/2017[2011-12]Status: DisposedITAT Delhi20 Nov 2025AY 2011-12

Bench: Shri Sudhir Pareek & Shri Manish Agarwal[Assessment Year : 2011-12] M/S. Acme Cleantech Solutions Vs Dcit, Ltd., C/O-M/S. Rra Taxindia, Circle-1(2) D-28, South Extension, Part-1, New Delhi New Delhi-110049 Pan-Aaeca0914A Appellant Respondent [Assessment Year : 2010-11] M/S. Acme Cleantech Solutions Vs Addl.Cit, Ltd., C/O-M/S. Rra Taxindia, Range-1 D-28, South Extension, Part-1, New Delhi New Delhi-110049 Pan-Aaeca0914A Appellant Respondent [Assessment Year : 2010-11] Dcit, Vs M/S. Acme Tele Power Ltd. Circle-1(1) [Now, Known As M/S. Acme New Delhi Cleantech Solutions Ltd.] C/O-M/S. Rra Taxindia, D-28, South Extension, Part-1, New Delhi-110049 Pan-Aaeca0914A Appellant Respondent

Section 143(3)Section 144C(13)Section 14ASection 92BSection 92C

such warranty is extended to the customer alongwith the sales of the goods is an ascertained liability and should not be added to the book profit u/s 115JB of the Act. 27. From the perusal of the Financial statements of the assessee for the year under appeal as available ... claimed, no disallowance is required to be made. Further since it is ascertained liability, no addition is required to be made in the book profits u/s 115JB of the Act. With these directions, Ground of appeal Nos.8 & 9 raised by the assessee are partly allowed for statistical purposes

M/S. Acme Cleantech Solutions Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, appeal of the Revenue is dismissed

ITA 4478/DEL/2016[2010-11]Status: DisposedITAT Delhi20 Nov 2025AY 2010-11

Bench: Shri Sudhir Pareek & Shri Manish Agarwal[Assessment Year : 2011-12] M/S. Acme Cleantech Solutions Vs Dcit, Ltd., C/O-M/S. Rra Taxindia, Circle-1(2) D-28, South Extension, Part-1, New Delhi New Delhi-110049 Pan-Aaeca0914A Appellant Respondent [Assessment Year : 2010-11] M/S. Acme Cleantech Solutions Vs Addl.Cit, Ltd., C/O-M/S. Rra Taxindia, Range-1 D-28, South Extension, Part-1, New Delhi New Delhi-110049 Pan-Aaeca0914A Appellant Respondent [Assessment Year : 2010-11] Dcit, Vs M/S. Acme Tele Power Ltd. Circle-1(1) [Now, Known As M/S. Acme New Delhi Cleantech Solutions Ltd.] C/O-M/S. Rra Taxindia, D-28, South Extension, Part-1, New Delhi-110049 Pan-Aaeca0914A Appellant Respondent

Section 143(3)Section 144C(13)Section 14ASection 92BSection 92C

such warranty is extended to the customer alongwith the sales of the goods is an ascertained liability and should not be added to the book profit u/s 115JB of the Act. 27. From the perusal of the Financial statements of the assessee for the year under appeal as available ... claimed, no disallowance is required to be made. Further since it is ascertained liability, no addition is required to be made in the book profits u/s 115JB of the Act. With these directions, Ground of appeal Nos.8 & 9 raised by the assessee are partly allowed for statistical purposes

DCIT 2(3)(1), Mumbai vs. Tata Industries Ltd, Mumbai

Accordingly, Ground No 2(a) & (b) of the revenue in ITA No. 4109/Mum/2012, therefore stands dismissed

ITA 5690/MUM/2015[2006-07]Status: DisposedITAT Mumbai19 Nov 2025AY 2006-07

Bench: SHRI SAKTIJIT DEY (Vice President), SHRI ARUN KHODPIA (Accountant Member)

Section 115JSection 143(3)Section 14ASection 271(1)(c)Section 37Section 40

Income Tax Act, 1961 (‘the Act’), for the purpose of computing Income from Business or Profession and also for computing the Adjusted Book Profit u/s 115JB of the Act. b) The CIT(A) erred in allocating administrative and establishment of Rs.11.69 Crores under the provisions of Section ... Income-Tax Act, 1961 (‘the Act’), for the purpose of computing Income from Business or Profession and also for computing the Adjusted Book Profit u/s 115JB of the Act. 2. The CIT(A) erred in confirming Rs.28,38,00.000 as capital expenditure on the grounds that as the Appellants main

DCIT-2(1)(1), 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)

filed on 27-03-2018 declaring total loss at Rs. 73,43,78,031/- as per the normal provisions of the Act and book profit at Rs. 2,48,49,40,847/- as per section 115JB of the Act. The case was selected for scrutiny and assessment proceedings were completed ... respect of disallowance of deduction for bad debts written-off amounting to Rs. 14,31,45,93,495/- while computing book profits u/s. 115JB of the Act. 6. The assessee carried the matter in appeal before the Ld.CIT(A)-NFAC, who vide his order dt. 20-05-2022, dismissed

Ocean Sparkle Limited, Hyderabad vs. DCIT., Circle-5(1), Hyderabad

ITA 744/HYD/2025[2020-21]Status: DisposedITAT Hyderabad07 Nov 2025AY 2020-21
Section 115VSection 143(3)Section 144BSection 263Section 37(1)

Adjustment after considering the explanation of the assessee dated 13.12.2021 where the assessee has submitted that no adjustments were required to be made to book profits under ICDS. With regard to 'Foreign Financial Interest'also, the Assessing Officer has not proposed for any variation after considering the specific details furnished

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)

assessment year commencing on or after the 1st day of April, [2012], is less than [eighteen and one-half per cent] of its book profit, [such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income ... profit & loss account prepared in accordance with the provisions of their Regulatory Acts shall be taken as a basis for computing the book profit u/s 115JB. 57. The assessee's contentions for non-applicability of 115JB provisions are: "(i) It is a case of Nationalized Bank, under the Banking Companies

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)

assessment year commencing on or after the 1st day of April, [2012], is less than [eighteen and one-half per cent] of its book profit, [such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income ... profit & loss account prepared in accordance with the provisions of their Regulatory Acts shall be taken as a basis for computing the book profit u/s 115JB. 57. The assessee's contentions for non-applicability of 115JB provisions are: "(i) It is a case of Nationalized Bank, under the Banking Companies

Assistant Commissioner of Income Tax, Bangalore vs. Canara Bank (Erstwhile Syndicate Bank), Bangalore

ITA 1497/BANG/2025[2015-16]Status: DisposedITAT Bangalore06 Nov 2025AY 2015-16

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

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

assessment year commencing on or after the 1st day of April, [2012], is less than [eighteen and one-half per cent] of its book profit, [such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income ... profit & loss account prepared in accordance with the provisions of their Regulatory Acts shall be taken as a basis for computing the book profit u/s 115JB. 57. The assessee's contentions for non-applicability of 115JB provisions are: "(i) It is a case of Nationalized Bank, under the Banking Companies

Assistant Commissioner of Income Tax, Circle-2(2)(1), Bangalore vs. Canara Bank (Erstwhile Syndicate Bank), Bangalore

ITA 1496/BANG/2025[2014-15]Status: DisposedITAT Bangalore06 Nov 2025AY 2014-15

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Shri Vishal Bhat - CA
Section 115JSection 211(2)

assessment year commencing on or after the 1st day of April, [2012], is less than [eighteen and one-half per cent] of its book profit, [such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income ... profit & loss account prepared in accordance with the provisions of their Regulatory Acts shall be taken as a basis for computing the book profit u/s 115JB. 57. The assessee's contentions for non-applicability of 115JB provisions are: "(i) It is a case of Nationalized Bank, under the Banking Companies

Assistant Commissioner of Income Tax, Circle-2(2)(1), Bangalore vs. Canara Bank (Erstwhile Syndicate Bank), Bangalore

ITA 1495/BANG/2025[2013-14]Status: DisposedITAT Bangalore06 Nov 2025AY 2013-14

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Shri Vishal Bhat - CA
Section 115JSection 211(2)

assessment year commencing on or after the 1st day of April, [2012], is less than [eighteen and one-half per cent] of its book profit, [such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income ... profit & loss account prepared in accordance with the provisions of their Regulatory Acts shall be taken as a basis for computing the book profit u/s 115JB. 57. The assessee's contentions for non-applicability of 115JB provisions are: "(i) It is a case of Nationalized Bank, under the Banking Companies