The review petition filed by the Finance Ministry is expected to come for hearing by end of February, when the apex court may decide if the amendments are maintainable.
The four-member committee will be headed by the Joint Secretary of the Foreign Tax and Tax Research-I unit of the CBDT. It will decide on such cases within of 60 days of receiving them from the Assessing Officer.
Arjuna Mahendran of HSBC says he doesn‘t expect significant cuts in equities right now.