GOLDMAN SACHS MAURITIUS NBFC LLC,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX – (INTERNATIONAL TAXATION) - 2(3)(2), MUMBAI

ITA 5926/MUM/2025Status: DisposedITAT Mumbai17 February 2026AY 2023-24Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the AO's action of setting off brought forward short-term capital losses against exempt long-term capital gains was incorrect. The Tribunal relied on previous judicial pronouncements where it was held that if a treaty provision is beneficial, the assessee can opt for it, and the question of carrying forward losses does not arise in subsequent years once eligibility is determined. Similar wording in India-Singapore DTAA was also noted.

What were the facts?

The assessee, a Mauritius-incorporated company, claimed long-term capital gains as exempt under the India-Mauritius DTAA for AY 2023-24. The assessee also sought to carry forward short-term capital losses from AY 2019-20. The Assessing Officer (AO) denied the carry forward, setting off the losses against the exempt long-term capital gains.

What were the issues?

Whether brought forward short-term capital losses can be set off against exempt long-term capital gains under a DTAA, thereby denying their carry forward.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C(13),Section 144C(5),Section 5,Section 74,Section 90(2),Section 270A

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Income Tax Appellate Tribunal, “I” BENCH MUMBAI

Before: SHRI AMIT SHUKLA & SHRI GIRISH AGRAWAL

Hearing: 20.11.2025Pronounced: 17.02.2026

PER GIRISH AGRAWAL, ACCOUNTANT MEMBER:

This appeal filed by the assessee is against the final assessment order passed by the Assessing Officer u/s.143(3) r.w.s. 144C(13) of the Act dated 14.07.2025, pursuant to the direction issued by the ld. Dispute Resolution Panel – 1, Mumbai vide order no. ITBA/DRP/F/144C(5)/2025-26/1077165542(1), dated 18.06.2025 passed u/s. 144C(5) of the Income-tax Act, 1961 (hereinafter referred to as the “Act”), for AY 2023-24. 2. Grounds taken by the assessee are reproduced as

The order continues below.

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