EMPLOYEES RETIREMENT SYSTEM OF TEXAS ,MUMBAI vs. DY CIT (INT. TAX)-2(2)(1), MUMBAI

ITA 2155/MUM/2025Status: DisposedITAT Mumbai13 June 2025AY 2022-23Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)1 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal directed the Assessing Officer to accept the net short-term capital gains as offered by the assessee and to grant the benefit of set-off for brought-forward short-term capital losses. The additional demand raised by the AO was deleted.

What were the facts?

The assessees, foreign portfolio investors, challenged the Assessing Officer's re-computation of short-term capital gains and the denial of set-off for brought-forward losses. The AO had segregated gains based on STT applicability and tax rates, deviating from the assessee's hierarchy of loss set-off.

What were the issues?

The primary issue was the correct hierarchy for setting off short-term capital losses against short-term capital gains, particularly when gains arose from transactions with and without Securities Transaction Tax (STT).

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C(13),Section 144B,Section 144C(5),Section 45,Section 55A,Section 111A,Section 115AD,Section 70(2),Section 70,Section 270A,Section 234C,Section 234B

AI-generated summary — verify with the full judgment below

IN THE INCOME TAX APPELLATE TRIBUNAL "I" BENCH, MUMBAI

SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER Assessment Year: 2022-2023

Fidelity Rutland Square Trust II Strategic Advisers FID EMG Markets Fund C/o. Ernst & Young LLP, 14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai-400028, Maharashtra [PAN:AAATF7270P] …………. Appellant

Vs.

Deputy/Assistant Commissioner of Income Tax (International Tax) 2(3)(1), Mumbai Kautilya Bhavan, G Block, Bandra Kurla Complex Mumbai - 400051, Maharashtra. …………. Respondent

& Assessment Year: 2022-2023

Fidelity Salem Street Trust Fidelity Sai Emerging Markets Index Fund C/o. Ernst & Young LLP, 14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai-400028, Maharashtra [PAN:AAATF5228P] …………. Appellant

Vs.

Deputy/Assistant Commissioner of Income Tax (International Tax) 2(3)(1), Mumbai Kautilya Bhavan, G Block, Bandra Kurla Complex Mumbai - 400051, Maharashtra. …………. Respondent

ITA No. 2125, 2126, 2127 & 2155/Mum/2025 Assessment Year 2022-2023

& Assessment Year: 2022-2023

Fidelity Rutland Square Trust II: Strategic Advisers Emerging Markets Fund C/o. Ernst & Young LLP, 14th F

The order continues below.

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