Withdrawal of exemptions to SEZs cannot be treated as a breach of Doctrine of Promissory Estoppel

Mindtree Limited vs. UOI (Karnataka High Court) CLR Editorial Notes: As a corollary to the Special Economic Zones Act, 2005 (˜SEZ Act™), section 115JB(6) and section 115-O (6) were inserted to ensure that the SEZs are exempted from paying Minimum Alternate Tax (MAT) on book profits and taxes on distributed profits [Dividend Distribution Tax ("DDT")].… Read More

Tags: DDT, Dividend Distribution Tax, Doctrine of Legitimate Expectation, Doctrine of Promissory Estoppel, Estoppel, Finance Act, Government, Minimum Alternate Tax, Section 115-O (6), Section 115JB(6), SEZ, Special Economic Zone, Special Economic Zones Act, United States