THE COMMISSIONER OF INCOME TAX Vs. INDIAN BANK

JUDGEMENT

(1.) THIS Tax Case (Appeal) is filed by the Revenue as against the order of the Income Tax Appellate Tribunal raising the following substantial questions of law:

(2.) IS not the finding of the Tribunal bad by permitting the additional grounds on an issue which was not been dealt by the CIT(A) in his order and therefore it could be at best only be a fresh ground which was not contested at the time of filing of the appeal and therefore not an additional grounds as held by the Tribunal?

(3.) WHETHER on the facts and circumstances of the case, the Tribunal was right in holding that the provision of Section 115JB would not apply to the assessee bank failing to note that as per Explanation 3 it has been clarified that a company to which proviso to sub section (2) of Section 211 of the Companies Act was applicable, has for an assessment year commencing on or before the 1st day of April, 2012 an option to prepare its profit and loss account for the relevant previous either in accordance with provision of Part II and III to Schedule -VI of Companies Act, 1956 or in accordance with the provisions of the Act governing such company and therefore Section 115 JB is applicable -