FM Jaitely justifies 40,000 crore tax demand on FIIs

Finance Minister Arun Jaitley on Tuesday said the government will press ahead with Rs 40,000 crore tax demand on foreign institutional investors as foreign institutional investors (FIIs) lost a case against levy of tax on capital gains they made. Jaitley said,The BJP government, has abolished the MAT from April 1, 2015, but the demands pertain to tax related to earlier period and they wanted it to be waived.