1 min read.Updated: 04 Aug 2015, 06:58 PM ISTShreeja Sen
Court to hear the case on 29 September as govt demands more time to study the MAT report submitted by the A.P. Shah panel on 24 July
New Delhi: The Supreme Court will hear a case related to levy of minimum alternate tax (MAT) on foreign investors on 29 September.
Attorney general Mukul Rohatgi on Tuesday told the apex court that the government needs more time to study the MAT report submitted by the A.P. Shah panel on 24 July. A bench comprising justices A.K. Sikri and Rohinton F. Nariman adjourned the hearing in the case to 29 September.
The case is an appeal filed by Castleton Investment Ltd against a ruling from the Authority of Advance Rulings dated 14 August 2012. By the AAR decision, Castleton was required to pay MAT on transfer of shares from an entity in Mauritius to another one in Singapore.
The case relates to whether MAT can be levied on foreign investors.
Revenue secretary Shaktikanta Das on 24 July said the government will consider the Shah panel’s recommendation before taking a stand in the case.