S. 115JB(2)(b) not Applicable to Union Bank Due to Non-Company Status under Companies Act, Despite

The Income Tax Appellate Tribunal (ITAT) ruled that Section 115JB(2B) of the Income Tax Act, which deals with Minimum Alternate Tax (MAT), does not apply to Union Bank due to its non-company status under the Companies Act, despite a deeming provision in the Acquisition Act. This decision clarifies that the MAT provisions are applicable only to entities recognized as companies under the Companies Act, regardless of other legal statuses or provisions. It highlights the importance of aligning tax provisions with the entity's legal classification.