Sec. 115JB(2) of Income-tax Act, 1961— MAT — Provisions of s. 115JB(2)  do not apply to the Banking Companies as provisions of s. 115JB have been amended w.e.f. 1st April, 2013, the Memorandum Explaining the Provisions of Finance Bill, 2012 while explaining the amendments to s. 115JB, notes that in cases of certain companies such as insurance, banking and electricity companies, they are allowed to prepare the P&L a/c in accordance with the sections specified in their Regulatory Acts. Thus, to align the provisions of the IT Act, 1961 with the Companies Act, 1956, it was decided to amend s. 115JB to provide that companies which are not required under s. 211 of the Companies Act, 1956 to prepare P&L a/c in accordance with Sch. VI of the Companies Act, 1956. P&L a/c prepared in accordance with the provisions of their Regulatory Act shall be taken as basis for computing book profit under s. 115JB — Atria Hydel Power Ltd. vs. ITO [2020] 313 CTR 69 (KARN)