Recently, the affected party moved the Supreme Court for early hearing. On behalf of theGovernment, it was conveyed to the Supreme Court that Government has no objection to earlyhearing as we are also keen on a final settlement of this issue for the prior period by the SupremeCourt. It is expected that the Supreme Court would fix an early date for hearing this case.
In the meantime, I have received a number of representations on this whole issue. We have,therefore, decided to refer this matter as well as a few other tax issues which are essentially legacyissues to a Committee to be headed by Justice A.P. Shah, Chairman of the Law Commission. TheCommittee will be requested to give its recommendation on the specific issue of MAT on FIIsexpeditiously. The Government will consider the recommendations of the Committee and take anappropriate decision as early as possible.
Let me reiterate once again that in matters of taxation, the Government is fully committed tothe principles of certainty of taxation, avoidance of retrospectivity and providing an enablingenvironment to business and investment, both domestic and foreign. We will ensure that theseprinciples are adhered to in letter and spirit.