TMI BlogApplicability of Minimum Alternate Tax (MAT) on foreign companies for the period prior to 1.04.2015X X X X Extracts X X X X X X X X Extracts X X X X ..... ity of Minimum Alternate Tax (MAT) on foreign companies for the period prior to 1.04.2015-reg. On the issue of applicability of Minimum Alternate Tax (MAT) under section 115JB of the Income Tax Act, 1961 ('the Act') on Foreign Institutional Investors (FIls)/Foreign Portfolio Investors (FPIs), the Board had issued instruction No. 9 dated 02/09/2015 informing the field authorities ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elease dated 24.09.2015 was issued conveying the decision of the Government on inapplicability of MAT on foreign companies in certain cases. Subsequently, the Government conveyed its intention of abiding by the decision contained in the aforesaid Press Release to the Supreme Court in the case of Castleton Investment Ltd. The Supreme Court disposed of the case based on the commitment made by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 92 of the Companies Act, 1956 or section 380 of the Companies Act, 2013. An appropriate amendment to the Income-tax Act in this regard shall be undertaken through Finance Bill, 2016. 4. In view of the above and the fact that Government's commitment to abide by its decision as contained in para 3 above has been taken into account by the Supreme Court while disposing of the Civil ..... X X X X Extracts X X X X X X X X Extracts X X X X
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