1. 1. Vol. 11 Issue 7.2 July 30, 2015 About BMR Advisors | BMR Newsletters | BMR Insights | Events | Contact Us | Feedback FII MAT issue An update on the writ petitions filed with the Bombay High Court The purpose of this newsletter is to update you of the developments that took place earlier today at the Bombay High Court on the writ petitions filed by BNP Paribas L1 and National Westminster Bank PLC on the FII MAT issue, against the draft tax assessment order issued by the Indian Revenue authorities (IRA) for AY 2012-13. The admission hearing for the writ petitions filed by BNP Paribas L1 and National Westminster Bank PLC as Depository of (i) First State Asia Pacific Fund A Sub Fund & (ii) First State Global Emerging Market Sustainability Fund were scheduled before the Bombay High Court earlier today (ie July 30, 2015). In todays hearing, the Counsel of the Petitioners and the IRA requested the Bombay High Court to schedule the above cases towards the end of August 2015, given that (i) the Castleton case on the MAT issue is scheduled for hearing before the Supreme Court of India on August 4, 2015, and (ii) the A.P. Shah Committee report with its recommendations to the Indian Government on the FII MAT issue is expected to be made public shortly. The Bombay High Court heard the Counsels request and decided to adjourn the hearing to August 20, 2015. Share Connect Taxand Global Survey 2015 Indias Economic Performance and Business imperatives: Repositioning India - Narendra Modis Foreign Policy Forbes Survey on one year of Narendra Modis business agenda A Norweigan guide to doing business in India Managing Tax Disputes in India Getting the Deal Through Tax on Inbound Investment 2015 2015: Tier 1 firm in International Tax Review, World Tax 2015 Guide to Worlds Leading Tax Firms for the eighth consecutive year Tier 2 firm in International Tax Review, World Transfer Pricing 2015 Guide for the second consecutive year 2014: Tier 1 firm in International Tax Review, World Tax 2014 Guide to Worlds Leading Tax Firms Tier 2 firm in International Tax Review, World Transfer Pricing 2014 Guide Most Active Transaction Advisor for Private Equity, M&A by Venture Intelligence Russell Gaitonde Apurva Javeri Bobby Parikh, Mumbai +91 22 6135 7010 bobby.parikh@bmradvisors.com Shefali Goradia, Mumbai +91 22 6135 7170 shefali.goradia@bmradvisors.com Russell Gaitonde, Mumbai
2. 2. +91 22 6135 7045 russell.gaitonde@bmradvisors.com Rajeshree Sabnavis, Mumbai +91 22 6135 7050 rajeshree.sabnavis@bmradvisors.com BMR Business Solutions Pvt. Ltd. 36B, Dr. RK Shirodkar Marg, Parel, Mumbai 400012, India Tel: +91 22 6135 7000 | Fax: +91 22 6135 7070 BMR and Community BMR has a strong commitment to good citizenship and community service. We are as dedicated to community work as we are to client work. Wherever appropriate we partner with our clients in fulfilling our social responsibility. Through the firms Go Green Initiative we adopt environment friendly practices at our work place. The firm actively supports SOS Childrens Village, Indian Red Cross Society and MillionTrees Gurgaon campaign. For more details on our social and environmental responsibility programme, click here. Disclaimer: This newsletter has been prepared for clients and Firm personnel only. It provides general information and guidance as on date of preparation and does not express views or expert opinions of BMR Advisors. The newsletter is meant for general guidance and no responsibility for loss arising to any person acting or refraining from acting as a result of any material contained in this newsletter will be accepted by BMR Advisors. It is recommended that professional advice be sought based on the specific facts and circumstances. This newsletter does not substitute the need to refer to the original pronouncements. Copyright 2015. BMR Business Solutions Pvt. Ltd. All Rights Reserved In case, you do not wish to receive this newsletter, click here to unsubscribe