The Finance Ministry also said other tax issues would be also referred to the three-member committee in due course. Renowned chartered accountant Girish Ahuja is the third member of the panel, whose term is one year.
The Income Tax Department had sent notices to 68 foreign institutional investors (FIIs) demanding Rs 602.83 crore as MAT dues of previous years. This has raked up a big controversy, with FIIs moving higher court challenging the MAT demand.
"As initially the committee would focus on the issue of MAT on FIIs for giving its report expeditiously, other issues to be referred to the committee will be notified in due course," it added.
The committee will examine all the related legal provisions, judicial/quasi judicial pronouncements.
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Finance Minister Arun Jaitley in Budget 2015-16 has exempted FIIs from paying MAT with effect from April 1, 2015.
Jaitley had announced setting up of the Shah Committee in Rajya Sabha earlier this month. Besides, MAT issue, the committee would look into few other "legacy" tax cases, he had said.
Following the announcement of setting up of the panel, the tax department has directed its field officers to put on hold issuance of fresh notices and any further assessments on levy of this tax on such entities.
"Issue of fresh notice for reopening of cases as also completion of assessment should also be put on hold unless the case is getting barred by limitation," a CBDT circular had said.