MAT U/s. 115JB of Income Tax not applicable to foreign company without presence in India

In Re. The Timken Company (AAR) The assessee, a foreign company, without a presence or PE in India, earned long-term capital gains which were exempt u/s 10(38). The assessee applied for a ruling on whether it was liable to pay Minimum Alternate Tax (MAT) u/s 115JB on the said gains. HELD ruling in favour of the assessee: (i) In P.No. 14 of 1997 (234 ITR 335) the AAR held that s. 115JA (akin to s. 115JB) applied to every “company” and as the term “company” was defined in s. 2(17) to include a “foreign company”, there was no reason to presume that the legislature did not intend s. 11...