is it required to prepare balance sheet and p&l a/c during tax audit of a banking company whereas its accounts are already audited under banking regulation act...?? i am confused because depreciation rate under both the act is different...how to deal with this...kindly suggest me...

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The banking company is regulated by THE BANKING REGULATION ACT. The balance sheet and p&l account is prepared as per act.The Tax Audit is goverened by The Income Tax Act,1961.You have prepared one balance sheet and P&L A/c but during the calculations under Tax Audit your calculation  has been made as per Income Tax India,1961.