Applicability of Minimum Alternate Tax (MAT) on foreign companies for the period prior to 1.04.2015

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....ign 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 that the Government has accepted the recommendation....

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.... 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 Government. 3. In view of the decision as reflected in the Pr....