APOLETTO ASIA LTD.,MUMBAI vs. DCIT (INTERNATIONAL TAX) 1(1)(1), MUMBAI

ITA 3088/MUM/2026Status: DisposedITAT Mumbai07 August 2026AY 2023-2413 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee is entitled to carry forward and brought forward the losses claimed. The Tribunal directed the AO to allow the carry forward of brought forward STCL and recompute the assessee's taxable income accordingly.

What were the facts?

The assessee claimed set-off of current year long-term capital loss against long-term capital gains. The Assessing Officer (AO) denied this, holding that gains on shares acquired before April 1, 2017, were exempt and could not be part of total income computation. The AO also denied the utilization of brought forward long-term capital loss from a previous assessment year.

What were the issues?

Whether brought forward long-term capital losses can be set off against long-term capital gains when the gains from shares acquired before a certain date are exempt under a DTAA. Whether the assessee can opt for the beneficial provisions of the Act or the treaty.

Which sections of the Income-tax Act were involved?

Section 90(2),Section 143(3),Section 144C(13),Section 111A,Section 112A,Section 70,Section 74,Section 45,Section 234B,Section 270A,Section 153

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI

Before: HON’BLE MS.BEENA PILLAI & HON’BLE SHRIARUN KHODPIA

Pronounced: 07.08.2026

PERARUN KHODPIA, ACCOUNTANT MEMBER: This appeal is filed by the assessee against the assessment order passed u/s 143(3) r.w.s. 144C(13) of the Act dated 06.01.2026 for the Assessment Year 2023-24. 2. The grounds of appeal raised by the assessee are as under:

“1. General Ground

ITA 3088/MUM/2026

1.1.

The assessment o

The order continues below.

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