G S STRATEGIC INVESTMENTS LIMITED ,MUMBAI vs. ACIT INTERNATIONAL TAX CIRCLE 2(3)(2), MUMBAI

ITA 5644/MUM/2025Status: DisposedITAT Mumbai30 December 2025AY 2023-24Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)10 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that long-term capital gains not chargeable to tax in India under the DTAA cannot be used to set off brought forward capital losses. The assessee is entitled to carry forward the entire brought forward losses.

What were the facts?

The assessee, a Mauritian company, earned long-term capital gains from selling shares of an Indian company. These gains were claimed as not taxable in India under the India-Mauritius DTAA. The Assessing Officer sought to set off brought forward long-term capital losses against these gains.

What were the issues?

Whether brought forward capital losses can be set off against capital gains that are not chargeable to tax in India due to a Double Taxation Avoidance Agreement.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C(13),Section 74,Section 112,Section 90(2)

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Income Tax Appellate Tribunal, ‘I’ BENCH

For Appellant: Shri Ajit Jain
For Respondent: Shri Krishna Kumar, Sr. DR
Hearing: 25/11/2025Pronounced: 30/12/2025

PER AMIT SHUKLA (J.M): This appeal by the assessee is directed against the final assessment order dated 14 July 2025 passed by the Assessing Officer under section 143(3) read with section 144C(13) of the Income-tax Act, 1961, in pursuance of the directions issued by the Ld. Dispute Resolution Panel-1, Mumbai, dated 27 June 2025 for the assessment year 2023- 24. 2 GS Strategic Investments Limited

2.

At the threshold, we deem it appropriate to crystallise, with precision, the controversy which travels to us in the present appeal, for the dispute is not one of arithmetical computation but of the legal a

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