- (1.) In these appeals common questions of law arise. Some of the appeals have been admitted. Some have been tagged on account of similarity of issues though they are at the admission stage. For convenience, we may record facts from Income Tax Appeal No.1196 of 2013. This appeal was admitted for consideration of following questions of law:- "(i) Whether on the facts and in the circumstances of the case and in law, the ITAT is correct is reversing the order of Assessing Officer confirmed by the CIT(A), exercising the jurisdiction u/s.154 of the Income Tax Act, 1961, determining the Book Profits as per the amendment to Section 115JB? (ii) Whether on the facts and in the circumstances of the case and in law the ITAT is correct in holding that the provision of Section 115JB are not applicable to the assessee-Bank?"
(2.) For all the appeals we would adopt the above quoted questions as substantial questions of law.
(3.) Respondent-Union Bank of India had filed return of income for the assessment year 2005-06. The Assessing Officer passed order of assessment under Section 143(3) of the Income Tax Act, 1961 ("the Act" for short) on 23rd March, 2007 computing the assessee's taxable income at Rs.412.41 crores (rounded off) under the normal provisions and Rs.431.15 crores as book profit under Section 115JB of the Act. The Assessing Officer thereafter passed an order dated 25th March, 2010 of rectification to give effect to a retrospective amendment in Section 115JB of the Act. He computed the assessee's revised book profit at Rs.374.21 crores.;