ASST. COMMISSIONER OF INCOME TAX, (INTERNATIONAL TAXATION)-4(3)(2), MUMBAI, MUMBAI vs. WEXFORD SPECTRUM INVESTORS MAURITIUS LIMITED, MAURITIUS

ITA 1914/MUM/2026Status: DisposedITAT Mumbai10 August 2026AY 2015-1611 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision, affirming that the assessee can choose to be taxed under the Act or the DTAA each year, and that previously allowed carry-forward of losses under the Act remains valid. The revenue's appeal was dismissed.

What were the facts?

The assessee, a Mauritius-based company, claimed capital gains for AY 2015-16 as not taxable in India under the India-Mauritius DTAA and sought to carry forward earlier short-term capital losses without set-off. The AO initiated reassessment and proposed to set off brought-forward losses against current year capital gains.

What were the issues?

Whether brought-forward short-term capital losses can be carried forward when current year capital gains are claimed as exempt under a DTAA, and whether the assessee can adopt different tax treatments under the Act and DTAA in different years.

Which sections of the Income-tax Act were involved?

Section 147,Section 144C(3),Section 74,Section 10(38),Section 90(2)

AI-generated summary — verify with the full judgment below

Heard together (2 matters)

I.T.A. No.1914/Mum/2026
C.O. No. 155/Mum/2026

Read from the judgment's own cause title. This page is filed under one of them.

आयकरअपीलीयअिधकरण"ायपीठमुंबईम"। IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SMT. BEENA PILLAI, JM & SHRI ARUN KHODPIA, AM Asst. Commissioner of Income Wexford Spectrum Investors Tax (International Taxation) – Mauritius Limited C/o SRBC and Associates LLP, 14th Vs. 4(3)(2), Mumbai Room No.634, 6th floor, Kautilya floor, The Ruby, 29 Senapati Bapat Bhavan, BKC, Mumbai-400051 Marg, Dadar (West), Mumbai-400028 PAN: AAACW7770L Revenue- अपीलाथ" / Appellant Assessee-""थ"/ Respondent :

C.O. No. 155/Mum/2026 (Arising out of I.T.A. No. 1914/Mum/2026) (Assessment Year: 2015-16) Wexford Spectrum Investors Asst. Commissioner of Income Tax Mauritius Limited (International Taxation) – 4(3)(2), C/o SRBC and Associates LLP, Mumbai Vs. 14th floor, The Ruby, 29 Senapati Room No.634, 6th floor, Kautilya Bapat Marg, Dadar (West), Bhavan, BKC, Mumbai-400051 Mumbai-400028 PAN: AAACW7770L Assessee- अपीलाथ" / Appellant Revenue -""थ"/ Respondent :

Assesseeby : Shri Pranay Gandhi Revenueby : Ms. Shruti Anzare – Sr. DR : 13.05.2026 Date of Hearing : 10.08.2026 Date of Pronouncement

ITA No. 1914/Mum/2026 & CO No.155/Mum/2026 Wexford Spect

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 147

All 49,210 judgments and leading authorities on Section 147 →

Recent GST High Court judgments

Search GST case law →