ISHARES CORE MSCI EMERGING MARKETS ETF (AS A SUCCESSOR TO ISHARES CORE EMERGING MARKETS MAURITIUS COMPANY ,MUMBAI vs. DCIT (TP) 2(2)(2), MUMBAI

ITA 6051/MUM/2025Status: DisposedITAT Mumbai02 January 2026AY 2023-24Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI SANDEEP SINGH KARHAIL (Judicial Member)16 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal directed the AO to allow exemption for long-term capital gains covered under the India-Mauritius DTAA and to allow set-off of brought forward long-term capital losses against net long-term capital gains from non-grandfathered sales. Arithmetical errors were to be rectified, and penalty proceedings were dismissed as premature.

What were the facts?

The appeals concern the taxability of capital gains and the set-off of losses for iShares ETFs. The Assessing Officer (AO) and Dispute Resolution Panel (DRP) made certain additions and disallowed set-offs, leading to the present appeals.

What were the issues?

The key issues involved the taxability of capital gains under the India-Mauritius DTAA and the correct hierarchy for setting off short-term and long-term capital losses against capital gains.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C(13),Section 144C(5),Section 70(2),Section 74,Section 45,Section 55A,Section 111A,Section 115AD,Section 2(24),Section 4,Section 5,Section 90(2),Section 234B,Section 270A

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Cases cited in this judgment(7)Show list

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IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER iShares Core MSCI Emerging Markets ETF (As a successor to iShares Core Emerging Markets Mauritius Company) C/o Ernst & Young LLP, 17th Floor, The Ruby, 29, Senapati Bapat Marg, ............... Appellant Dadar (West), Mumbai - 400028 PAN : AAFCI3337N v/s Deputy Commissioner of Income Tax (International Tax) - 2(2)(2) Room No.606, 6th Floor, Kautilya Bhavan, ……………… Respondent C-41 to C-43, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 iShares MSCI All Country ASIA Ex Japan ETF C/o Ernst & Young LLP, 17th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai - 400028 PAN : AABTI7439L ............... Appellant

v/s Deputy Commissioner of Income Tax (International Tax) - 2(2)(2) Room No.606, 6th Floor, Kautilya Bhavan, C-41 to C-43, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 ……………… Respondent

ITAs No.6050, 6051 & 6774/Mum/2025 (A.Y. 2022-23 & 2023-24) 2 iShares Core MSCI Total International Stock ETF (As a successor to iShares Core Total International Stock Mauritius Company) C/o Ernst & Young L

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