Minimum Alternate Tax inapplicability clarified for foreign companies without permanent establishment, directing reassessment and statutory amendment. Section 115JB shall not apply to a foreign company (including FIIs/FPIs) if: (i) it is resident of a country with which India has a Double Taxation Avoidance Agreement and does not have a permanent establishment in India under that agreement; or (ii) it is resident of a country without a DTAA and is not required to seek registration under the Companies Act registration provisions. Field authorities are directed to complete pending assessments in accordance with this position and an amendment through the Finance Bill, 2016 was proposed.
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Provisions expressly mentioned in the judgment/order text.
Minimum Alternate Tax inapplicability clarified for foreign companies without permanent establishment, directing reassessment and statutory amendment.
Section 115JB shall not apply to a foreign company (including FIIs/FPIs) if: (i) it is resident of a country with which India has a Double Taxation Avoidance Agreement and does not have a permanent establishment in India under that agreement; or (ii) it is resident of a country without a DTAA and is not required to seek registration under the Companies Act registration provisions. Field authorities are directed to complete pending assessments in accordance with this position and an amendment through the Finance Bill, 2016 was proposed.
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