GS STRATEGIC INVESTMENTS LIMITED,MUMBAI vs. ACIT, INTERNATIONAL TAX CIRCLE-2(3)(2), MUMBAI

ITA 4401/MUM/2023Status: DisposedITAT Mumbai22 October 2024AY 2021-22Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)1 pages
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What did the Tribunal hold?

The Tribunal held that if long-term capital gains are exempt under the DTAA, Section 74 of the Act is not triggered, and losses should not be set off. However, the exemption claim itself was not tested, leading to a remand.

What were the facts?

The assessee claimed exemption for long-term capital gains under the India-Mauritius DTAA and sought to carry forward brought forward long-term capital losses. The Assessing Officer set off these losses against the current year's capital gains, which the assessee contested.

What were the issues?

Whether brought forward long-term capital losses can be set off against current year's long-term capital gains when the latter are claimed as exempt under a DTAA. Whether the exemption claim under the DTAA needs to be examined by the Assessing Officer.

Which sections of the Income-tax Act were involved?

Section 74,Section 143(3),Section 92CA,Section 144C(13),Section 153(1)

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Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, I” BENCH, MUMBAI

[ Per Rahul Chaudhary, Judicial Member:

1.

This present appeal preferred by the Assessee against the Final Assessment Order, dated 18/10/2023, passed by the Assessing Officer under Section 143(3) r.w.s. 92CA r.w.s. 144C(13) of the Income Tax Act, 1961 [hereinafter referred to as ‘the Act’], as per the direction issued by Dispute Resolution Panel (1), Mumbai [for short ‘DRP’] on 26/09/2023 under Section 144C(5) of the Act for the Assessment Year

The order continues below.

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