MAT provisions in s. 115JB do not apply to foreign companies

MAT provisions in s. 115JB do not apply to foreign companies The MAT provisions were introduced in statute by the Finance Bill, 1996 and the Finance Minister while introducing this provision observed that the company engaged in the power and infrastructure sector will remain exempt from the levy of MAT. The Tribunal further relying on the Finance Bill, 2002 vide clause (49) which amended Section 115JB of the Act observed that the intention of legislature was very clear that the MAT provisions are applicable only to domestic companies and not to the foreign companies. On interest paid to HO by...