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2015 (10) TMI 406 - SUPREME COURT

2015 (10) TMI 406 - SUPREME COURT - [2015] 379 ITR 363 (SC) - Applicability of Section 115JB in respect of foreign company which does not have any Permanent Establishment (PE) in India - Held that:- A circular dated 02.09.2015 issued by the Central Board of Direct Taxes, Ministry of Finance, Government of India states that Minimum Alternate Tax (MAT) provisions will not be available to FIIs and FPIs not having the business/Permanent Establishment in India for the period prior to 01.04.2015. - An .....

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ve, Sr. Adv., Mr. Ajay Bhargava, Adv., Ms. Vanita Bhargava, Adv., Mr. Aseem Chaturvedi, Adv., Ms. Aditi Mukundan, Adv., Mr. Karan Lahiri, Adv., M/s. Khaitan & Co. For the Respondent : Mr. Mukesh Butani, Adv., Mr. Gaurav Gupta, Adv., Mr. S. S. Tomar, Adv., M/s. Khaitan & Co. ORDER Interlocutory application for intervention is allowed. In these appeals order of the Authority for Advance Rulings (Income Tax), New Delhi, (hereinafter referred to as 'AAR') passed on 14.08.2012 is ques .....

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x (MAT) provisions will not be available to FIIs and FPIs not having the business/Permanent Establishment in India for the period prior to 01.04.2015. We reproduce hereinbelow the said circular in entirety: - "Subject: Report on applicability of Minimum Alternate Tax (MAT) on FIIs/FPIs for the period prior to 01.04.2015 and acceptance of the Government thereof-reg.- A Committee on Direct Tax Matters chaired by Justice A. P. Shah, was constituted to examine the issue of applicability of Mini .....

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out appropriate amendment in the Act so as to prescribe that MAT provisions will not be applicable to FIIs/FPIs not having a place of business/ permanent establishment in India, for the period prior to 01.04.2015. The field authorities are accordingly advised to take into consideration the above position and keep in abeyance, for the time being, the pending assessment proceedings in cases of FIIs/FPIs involving the above issue. They are further advised not to pursue the recovery of outstanding .....

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