Section 115JB of the Income-tax Act, 1961—MAT— Provisions of section 115JB as it stood at the relevant time, would not apply to Banking Companies or Insurance Companies.

Facts: Whether Tribunal was right in holding that provisions of section 115JB are not applicable to the assessee without appreciating that the accounts of the assessee are prepared in accordance with the provisions of section 11(1) of the Insurance Act, 1938 read with the provisions of sub-section (1), (2) and (5) of section 211 and sub-section (5) of section 227 of the Companies Act, 1956?

Held, that the same issue is covered against the Revenue by a detailed Judgment dated 16th April, 2019 passed by the Division Bench of this Court in Income-tax Appeal No.1196 of 2013 and connected Appeals. It was held that provisions of section 115JB as it stood at the relevant time, would not apply to Banking Companies or Insurance Companies. The Registry is directed to communicate copy of this order to the Tribunal. This would enable the Tribunal to keep papers and the proceedings relating to the present Appeal available, to be produced when sought for by the Court. - PR. CIT V/s NEW INDIA ASSURANCE CO. LTD. - [2019] 14 ITCD Online 16 (BOM)