MAT cases in Bombay HC: Income Tax Dept wants to wait for SC ruling
In addition to Aberdeen, five foreign portfolio investors (FPIs), including BNP Paribas and London-based National Westminster Bank in its own capacity as well as depository of funds of First State Investments UK, had filed petitions against the IT department on the MAT issue.
The Income Tax department on Tuesday told the Bombay High Court that for the time being it would not proceed in cases pertaining to minimum alternative tax (MAT) until the Supreme court gives its ruling in a case which deals with same issues.
IT department's lawyer Charanjeet Chanderpal submitted that the decision on MAT prior to April 1, 2015, is also being reviewed by the government and therefore the department would wait till a final decision is taken.
Following which, the bench headed by Chief Justice Mohit Shah adjourned the hearing on the petition filed by Aberdeen Asset Management against the retrospective MAT demand by IT department. The date of the next hearing has not been fixed.
In addition to Aberdeen, five foreign portfolio investors (FPIs), including BNP Paribas and London-based National Westminster Bank in its own capacity as well as depository of funds of First State Investments UK, had filed petitions against the IT department on the MAT issue.
In March 2015, the department had sent notices to 68 FPIs claiming tax worth Rs 602.83 crore for capital gains.