A P Shah Committee recommends MAT relief to FIIs [ Current Affairs ]
About A P Shah: Ajit Prakash Shah is a retired Justice. He was born on 13th February 1948 at Solapur. He is the Chairman of the 20th Law Commission of India. He had worked as the Chief Justice of Delhi High Court from May 2008 to February 2010 till his retirement.
- He has completed his graduation from Solapur and completed his law from Government Law College of Mumbai.
- He gained experience in civil, constitutional, service and labour matters.
His different posts:
- He was appointed as Additional Judge of Bombay High Court on 18th December 1992.
- He became a permanent Judge of Bombay High Court on 8th April 1994.
- He was also selected as the Chief Justice of Delhi High Court on 7th May 2008.
- He has been the Chairperson of Broadcasting Content Complaints Council (BCCC) since 2011.
About recommendation of MAT relief to FIIs:
- A P Shah Committee has recommended that Minimum Alternate Tax (MAT) should not be forced on FIIs (Foreign Institutional Investors).
- This recommendation gives big relief to FIIs because government had released FIIs from MAT starting from 1st April 2015 in the Union Budget for 2015 - 16.
- Committee has declared in report that there is no legal basis for charging 20 percent MAT on past capital gains of FIIs.
- Published on: August 25, 2015