Zee Media Bureau
New Delhi: Former Chief Economic Adviser Ashok Lahiri named as a member of Justice A P Shah Committee that will look into MAT dues on FIIs.
The Shah Committee will submit report on MAT on FIIs expeditiously. The Committee may be referred other tax issues in due course.
The Justice Shah Committee, constituted to go into levy of MAT on FIIs, will look into all important legacy cases.
While the tax department has already sent draft notices totalling Rs 602.83 crore to 68 Foreign Institutional Investors (FIIs) for previous years, Jaitley, in Budget 2015-16, has exempted them from paying the levy with effect from April 1, 2015.
The AAR had, in 2010, ruled that MAT did not apply to foreign companies which did not have an office in India. But in 2012 the AAR directed Castleton to pay MAT in India on their book profits when it transferred shares from a Mauritius entity to a Singapore entity.
With PTI Inputs
