Justice AP Shah committee submits report on MAT to Jaitley

New Delhi, July 24 (ANI): The government appointed Justice AP Shah-led committee submitted its report on Minimum Alternate Tax (MAT) to Union Finance Minister Arun Jaitley here on Friday.

The report gives its suggestions on the issue as to whether MAT should apply to foreign companies including foreign portfolio investors (FPIs).

The report is of high importance as the Castleton Case is due for hearing in the Supreme Court on August 4.

The Supreme Court is due to hear a plea filed by Castleton Investment Limited, a Mauritius-based entity, on the levy of MAT.

Castleton had moved court against a 2012 ruling by the Authority of Advance Ruling that said the company would have to pay MAT on capital gains arising from sale of shares. (ANI)

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