Minimum Alternate Tax (MAT) provisions not applicable to foreign companies if no physical presence in India

The applicant is a company incorporated in the United States and is a leading manufacturer of engineered bearings, alloys etc. The applicant has a significant shareholding in an Indian listed company, which was initially set up as joint venture with Tata Iron and Steel Company.

As part of a global restructuring exercise, the applicant proposes to transfer its shareholding in the Indian company to a company incorporated in Mauritius. The proposed transfer would be undertaken on the Bombay Stock Exchange and subject to Security

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