The tussle of Minimum Alternate Tax (MAT) applicability on Foreign Institutional Investors (FIIs) is now stuck on how to define place of business.
By sources, the tax department is saying that they have not just relied on the Castleton verdict but on the criteria of place of business.Amidst the consultation with the AP Shah Committee, the FIIs have been sent notices stating why the MAT demand has been applied on these investors.

Source - http://www.business-standard.com