ISHARES CORE MSCI TOTAL INTERNATIONAL STOCK ETF (AS A SUCCESSOR TO ISHARE CORE TAOTAL INTERNATIONAL STOCK MAURITIUS COMPANY ),MUMBAI vs. DY CIT (INT. TAX)-2(2)(1), MUMBAI

ITA 6774/MUM/2025Status: DisposedITAT Mumbai02 January 2026AY 2023-24Bench: IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI SANDEEP SINGH KARHAIL (Judicial Member)1 pages
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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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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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