Govt stands by its MAT circular in Apex Court

In a relief to foreign investors, the government on Wednesday told the Supreme Court that it stood by its circular exempting them from paying minimum alternate tax (MAT) if they do not have a permanent establishment in India. The government’s stand before SC came as a succour to <g data-gr-id="9">Mauritius-based</g> foreign firm, Castleton Investment Ltd, which had filed an appeal against the Income Tax department over levy of MAT.

A Bench of justices AK Sikri and R Nariman was informed by Attorney General Mukul Rohatgi that the government would abide by the decision taken in the circulars. Agencies