Finally someone has said that MAT would not be applicable to FIIs, retrospectively.
Managed to catch one of the judges on TV and what I heard was mind blowing. Apparently, the reason is that MAT is for books that follow the Indian Companies Act. And the FIIs are not bound by it and hence their ‘books’ will be different and hence MAT cannot be charged!!
Thus, the wizards at the government have left the door open for the monster to step in again. They want to keep this threat alive to keep rocking the markets from time to time. Who knows what kind of trading the FinMin guys do…