https://www.taxtmi.com/caselaws?id=77013 The Authority for Advance Rulings held that Section 115JB of the Income Tax Act does not apply to a foreign company without a physical presence in India. Consequently, the capital gains from the sale of shares, exempt under Section 10(38), are not subject to Minimum Alternative Tax (MAT). The ruling, issued on July 23, 2010, clarified that withholding tax under Section 195 is not applicable in this scenario. en-us Fri, 23 Jul 2010 00:00:00 +0530 Thu, 15 Mar 2012 16:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77013 The Authority for Advance Rulings held that Section 115JB of the Income Tax Act does not apply to a foreign company without a physical presence in India. Consequently, the capital gains from the sale of shares, exempt under Section 10(38), are not subject to Minimum Alternative Tax (MAT). The ruling, issued on July 23, 2010, clarified that withholding tax under Section 195 is not applicable in this scenario. Case-Laws Income Tax Fri, 23 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77013