Banking companies maintaining their accounts as per Banking Regulation Act, 1949 are not covered by section 115JA

IT : Where assessee was a banking company maintaining its accounts under Banking Regulation Act, 1949, it would not be required to prepare its Profit and Loss Account under provisions of Part -II and III of Schedule -VI of Companies Act, 1956 and accordingly provisions of section 115JA would not be applicable to assessee

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