Minimum Alternate Tax inapplicability for foreign portfolio investors suspended pending legislative amendment and administrative stay. A committee recommended amending Section 115JB to clarify that MAT does not apply to FIIs/FPIs without a place of business or permanent establishment in India for the prior period; the Government accepted this recommendation and will amend the Act. Field authorities are directed to keep related assessment proceedings in abeyance and not to pursue recovery of outstanding demands pending the legislative amendment.
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Provisions expressly mentioned in the judgment/order text.
Minimum Alternate Tax inapplicability for foreign portfolio investors suspended pending legislative amendment and administrative stay.
A committee recommended amending Section 115JB to clarify that MAT does not apply to FIIs/FPIs without a place of business or permanent establishment in India for the prior period; the Government accepted this recommendation and will amend the Act. Field authorities are directed to keep related assessment proceedings in abeyance and not to pursue recovery of outstanding demands pending the legislative amendment.
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