ACIT (IT) 3(1) (1), MUMBAI vs. M/S. J.P.MORGAN INDIAN INVESTMENT COMPANY MAURITIUS LTD, MUMBAI

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ITA 2382/MUM/2021Status: DisposedITAT Mumbai27 September 2022AY 2016-1730 pages
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What did the Tribunal hold?

The Tribunal held that capital gains were not taxable in India as per the treaty, and therefore, brought forward losses could not be set off against these gains. The assessee's right to carry forward these losses to subsequent years was upheld.

What were the facts?

The assessee, a Mauritius-based company, earned capital gains in India which it claimed as non-taxable under the India-Mauritius tax treaty. It also had brought forward capital losses from previous years. The Assessing Officer (AO) adjusted these brought forward losses against the current year's gains, leading to a variation in the returned income.

What were the issues?

Whether brought forward capital losses can be set off against capital gains claimed as exempt under a tax treaty, and whether a draft assessment order under Section 144C was required when there was a variation in carried forward losses.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C,Section 10(38)

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Cases cited in this judgment(5)Show list

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Income Tax Appellate Tribunal, “I” BENCH, MUMBAI

Before: SHRI AMIT SHUKLA, JM & SHRI AMARJIT SINGH, AM

For Appellant: Shri Milind Chavan, Ld. DR, Shri Anish Thacker, Ld. AR
For Respondent: Shri Anish Thacker, Ld. AR

Heard together (2 matters)

I.T.A. No. 2382/Mum/2021
CO No. 41/Mum/2022

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

आदेशकीप्रतितितिअग्रेतिि/Copy of the Order forwarded to : 1. अपीलधथी/ The Appellant 2. प्रत्यथी/ The Respondent 3. आयकरआयुक्त(अपील) / The CIT(A) 4. आयकरआयुक्त/ CIT- concerned 5. नवभधगीयप्रनतनननध, आयकरअपीलीयअनधकरण, मुंबई/ DR, ITAT, Mumbai 6. गधर्ाफधईल / Guard File आदेशानुसार/ BY ORDER,

CO No. 41/Mum/2022 M/s J. P. Morgan India Investment Company Mauritius Limited

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