While the Budget 2013 might have created a different sort of problem altogether, it seems the recovery of demand from mutual funds or securitization SPVs, holding them as non-tax-transparent, is to wait for some time. See the ruling of the Bombay High court here:
http://timesofindia.indiatimes.com/city/mumbai/No-public-authority-can-ignore-principle-of-legal-precedent-Bombay-high-court/articleshow/18991394.cms
Let no one make a mistake - this ruling does not decide anything at all on the substance of the case. It is only a ruling on the recovery of demand pending an appeal. Hence, the issue of whether existing securitisation transactions are tax transparent still remains.
In the meantime, the Indian securitisation industry is expected to be reacting soon on the Budget 2013 proposals.
http://timesofindia.indiatimes.com/city/mumbai/No-public-authority-can-ignore-principle-of-legal-precedent-Bombay-high-court/articleshow/18991394.cms
Let no one make a mistake - this ruling does not decide anything at all on the substance of the case. It is only a ruling on the recovery of demand pending an appeal. Hence, the issue of whether existing securitisation transactions are tax transparent still remains.
In the meantime, the Indian securitisation industry is expected to be reacting soon on the Budget 2013 proposals.
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