ITAT rules Section 115JB Inapplicable to SBI for AY 2006-07, Exempts Banks from MAT Provisions

The ITAT has ruled that Section 115JB of the Income Tax Act, which relates to Minimum Alternate Tax (MAT), is inapplicable to the State Bank of India (SBI) for the assessment year 2006-07. This decision exempts banks from MAT provisions for that specific period. The ruling provides clarity on the applicability of MAT and ensures that banks are not subjected to undue tax burdens. This judgement gives relief to banks.