The committee was setup in 2015 with the objective of addressing the controversy regarding the application of MAT (Minimum Alternative Tax) on FIIs. It was a 3 member committee headed by Justice AP Shah.
The committee recommended that an amendment to section 115JB of the IT act, 1961 or issuing of a circular by CBDT must be undertaken clarifying the complete inapplicability of the MAT provisions to FII/FPIs.
