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Vol. 11 Issue 7.1 July 1, 2015
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FII MAT issue – An update on the Aberdeen writ petition
The purpose of this newsletter is to update you of the developments that took place
yesterday (i.e. June 30, 2015) at the Bombay High Court on the writ petition that was
filed by Aberdeen Global Emerging Markets Infrastructure Equity Fund: a
Luxembourg FII, on the FII MAT issue, against the final tax assessment order that
was erroneously issued in its case by the Indian Revenue authorities (‘IRA’) for AY
2012-13.
The Aberdeen case was scheduled for hearing before the Bombay High Court
yesterday (i.e. June 30, 2015). In the hearing that took place last week, the Bombay
High Court had requested the Counsels representing Aberdeen and the IRA to
confirm if they would like to proceed with the hearing, given that (i) the Castleton
case on the MAT issue was scheduled for hearing before the Supreme Court of India
on August 4, 2015, and (ii) that the Justice A.P. Shah Committee was supposed to
submit its recommendations to the Indian Government by July 31, 2015. Both
Counsels indicated that they were willing to argue the case, which is when the
Bombay High Court directed the IRA to make a written filing to this effect and the
hearing was scheduled for June 30th. In yesterday’s hearing, the IRA requested the
Bombay High Court to keep Aberdeen’s petition on hold until (i) the Supreme Court
adjudicates on the MAT issue in the case of Castleton, and (ii) since the FII MAT
issue for the period prior to April 1, 2015 is being examined by the Justice A.P. Shah
Committee.
Given this, the Bombay High Court has adjourned the Aberdeen case sine die and
has also extended the stay on the operation of the disputed assessment order that
was passed by the IRA; thus providing temporary relief to Aberdeen until its case
comes up for hearing once again before the Bombay High Court.
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Apurva Javeri
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+91 22 6135 7045
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