Nationalized Banks now liable for Minimum Alternate Tax after 2012 Income Tax Amendment: ITAT

The ITAT ruled that nationalized banks are liable to pay Minimum Alternate Tax (MAT) after the 2012 amendment to the Income Tax Act. Prior to the amendment, nationalized banks were exempt from MAT under Section 115JB. However, the amendment specifically included these institutions within the scope of MAT. This ruling clarifies that post-2012, nationalized banks must calculate and pay tax under MAT provisions, reinforcing the tax liability of public sector financial institutions under updated tax regulations.