ACIT v. J.P. Morgan India Investment Company Mauritius Limited

Goldman Sachs Mauritius Nbfc Llc, Mumbai vs. Assistant Commissioner of Income Tax – (International Taxation) - 2(3)(2), Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri Amit Shukla & Shri Girish Agrawalassessment Year: 2023-24 Goldman Sachs Mauritius Nbfc Assistant Commissioner Of Llc, Income Tax – (International C/O Ernst & Young Llp, 14Th Taxation)-2(3)(2), Floor, The Ruby, 29 Senapati Room No.610, 6Th Floor Vs. Bapat Marg, Dadar West, Kautilya Bhavan, C-41 To C- Mumbai-400028 43, G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051 (Pan: Aaecg8689C) (Appellant) (Respondent) Present For: Assessee : Shri Hiten Thakkar, Advocate Revenue : Shri Krishna Kumar, Sr. Dr Date Of Hearing : 20.11.2025 Date Of Pronouncement : 17.02.2026 O R D E R Per Girish Agrawal: 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 Under:

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH MUMBAI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2023-24 Goldman Sachs Mauritius NBFC Assistant Commissioner of LLC, Income Tax – (International C/O Ernst & Young LLP, 14th Taxation)-2(3)(2), Floor, The Ruby, 29 Senapati Room No.610, 6th Floor Vs. Bapat Marg, Dadar West, Kautilya Bhavan, C-41 to C- Mumbai-400028 43, G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051 (PAN: AAECG8689C) (Appellant) (Respondent) Present for: Assessee : Shri Hiten Thakkar, Advocate Revenue : Shri Krishna Kumar, Sr. DR Dat…

G S Strategic Investments Limited, Mumbai vs. ACIT International Tax Circle 2(3)(2), Mumbai

In the result, the appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘I’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER GS Strategic Investments Vs. Assistant Commissioner of Limited Income Tax, International C/o. Sehajpreet Kaur Tax Circle- 2(3)(2), BBSR & Associates Mumbai 14th Floor, Central Wing Tower 4, Nesco Centre Western Express Highway Goregaon (E) Mumbai – 400 063 PAN/GIR No.AAFFC0912J (Appellant) .. (Respondent) Assessee by Shri Ajit Jain Revenue by Shri Krishna Kumar, Sr. DR Date of Hearing 25/11/2025 Date of Pronouncement 30/12/2025 आदेश / O R D E R PER AMIT SHUKLA (J.M): This…

Goldman Sachs (Singapore) Pte, Singapore vs. Assistant Commissioner of Income Tax (Internation Tax)-2(3)(2), Mumbai

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JM & MS PADMAVATHY S, AM I.T.A. No. 2062/Mum/2025 (Assessment Year: 2016-17) I.T.A. No. 2063/Mum/2025 (Assessment Year: 2021-22) Goldman Sachs (Singapore) Pte, ACIT (International Tax)-2(3)(2), C/o Ernst & Young LLP, 14th Floor, Room No. 610, 6th Floor, The Ruby, 29 Senapati Bapat Marg, Kautilya Bhavan, C-41 to C-43, Vs. Dadar West, Mumbai-400028. G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051. PAN: AAFCG0345N Appellant) : Respondent) Assessee / Appellant by : Shri Hiten Thakkar (Virtually Present), AR Revenue / Respo…

Goldman Sachs (Singapore) Pte, Singapore vs. Assistant Commissioner of Income Tax (Internation Tax)-2(3)(2), Mumbai

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JM & MS PADMAVATHY S, AM I.T.A. No. 2062/Mum/2025 (Assessment Year: 2016-17) I.T.A. No. 2063/Mum/2025 (Assessment Year: 2021-22) Goldman Sachs (Singapore) Pte, ACIT (International Tax)-2(3)(2), C/o Ernst & Young LLP, 14th Floor, Room No. 610, 6th Floor, The Ruby, 29 Senapati Bapat Marg, Kautilya Bhavan, C-41 to C-43, Vs. Dadar West, Mumbai-400028. G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051. PAN: AAFCG0345N Appellant) : Respondent) Assessee / Appellant by : Shri Hiten Thakkar (Virtually Present), AR Revenue / Respo…

DCIT (It) -3(1)(1), Mumbai vs. Jp Morgan India Smaller Companies Fund, Mumbai

Accordingly, we do not find any infirmity in the order passed by the CIT(A). Ground No. 1, 2 and 3 raised by the Revenue are dismissed

Bench: SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER SMT. RENU JAUHRI (Accountant Member)

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER SMT. RENU JAUHRI, ACCOUNTANT MEMBER Deputy Commissioner of Income Tax (International Taxation), 3(1)(1), Mumbai Room No.603, 6th Floor, Mumbai – 400 051. Maharashtra. .…………. Appellant Vs JP Morgan India Smaller Companies Fund C/o. S R B C and Associates LLP, 14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai - 400057. Maharashtra. [PAN:AABTJ6237F] …………. Respondent Appearance For the Appellant/Department : Shri Krishna Kumar For the Respondent/Assessee : Shri Anish Thacker, Shri Pranay Gandhi, Shri Lekh…

Vanguard Total International Stock Index Fund, Mumbai vs. Assistant Commissioner of Income Tax (International Taxation)-4(3)(1), Mumbai

Bench: Ms Padmavathy S, Am & Shri Rahul Chaudhary, Jm

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE MS PADMAVATHY S, AM & SHRI RAHUL CHAUDHARY, JM I.T.A. No. 1277/Mum/2025 (Assessment Year: 2022-23) Vanguard Emerging Markets Stock Index Fund A Series of VISPLC, C/o Ernst & Young LLP, 14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai-400028. PAN: AACCV3136B Appellant) Vs. ACIT (IT)-4(3)(1), Kautilya Bhavan, G Block, Bandra Kurla Complex, Maharashtra-400051. : Respondent) I.T.A. No. 1278/Mum/2025 (Assessment Year: 2022-23) VFTC- Institutional Total International Stock Market Index Trust II, C/o Ernst & Young LLP, 14th Floor, The Ruby,…

Vanguard Total World Stock Index Fund, Mumbai vs. Assistant Commissioner of Income Tax (International Taxation)-4(3)(1), Mumbai

Bench: Ms Padmavathy S, Am & Shri Rahul Chaudhary, Jm

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE MS PADMAVATHY S, AM & SHRI RAHUL CHAUDHARY, JM I.T.A. No. 1277/Mum/2025 (Assessment Year: 2022-23) Vanguard Emerging Markets Stock Index Fund A Series of VISPLC, C/o Ernst & Young LLP, 14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai-400028. PAN: AACCV3136B Appellant) Vs. ACIT (IT)-4(3)(1), Kautilya Bhavan, G Block, Bandra Kurla Complex, Maharashtra-400051. : Respondent) I.T.A. No. 1278/Mum/2025 (Assessment Year: 2022-23) VFTC- Institutional Total International Stock Market Index Trust II, C/o Ernst & Young LLP, 14th Floor, The Ruby,…

Vanguard Emerging Markets Stock Index Fund A Series of Vief, Mumbai vs. Assistant Commissioner of Income Tax (International Taxation)-4(3)(1), Mumbai

Bench: Ms Padmavathy S, Am & Shri Rahul Chaudhary, Jm

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE MS PADMAVATHY S, AM & SHRI RAHUL CHAUDHARY, JM I.T.A. No. 1277/Mum/2025 (Assessment Year: 2022-23) Vanguard Emerging Markets Stock ACIT (IT)-4(3)(1), Index Fund A Series of VISPLC, Kautilya Bhavan, G Block, C/o Ernst & Young LLP, 14th Floor, Bandra Kurla Complex, Vs. The Ruby, 29, Senapati Bapat Marg, Maharashtra-400051. Dadar (West), Mumbai-400028. PAN: AACCV3136B Appellant) : Respondent) I.T.A. No. 1278/Mum/2025 (Assessment Year: 2022-23) VFTC- Institutional Total ACIT (IT)-4(3)(1), International Stock Market Index Kautilya Bhavan, G Block, Trust II,…

Vftc Institutional Total International Stock Market Index Trust II, Mumbai vs. Assistant Commissioner of Income Tax (International Taxation)-4(3)(1), Mumbai

Bench: Ms Padmavathy S, Am & Shri Rahul Chaudhary, Jm

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE MS PADMAVATHY S, AM & SHRI RAHUL CHAUDHARY, JM I.T.A. No. 1277/Mum/2025 (Assessment Year: 2022-23) Vanguard Emerging Markets Stock Index Fund A Series of VISPLC, C/o Ernst & Young LLP, 14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai-400028. PAN: AACCV3136B Appellant) Vs. ACIT (IT)-4(3)(1), Kautilya Bhavan, G Block, Bandra Kurla Complex, Maharashtra-400051. : Respondent) I.T.A. No. 1278/Mum/2025 (Assessment Year: 2022-23) VFTC- Institutional Total International Stock Market Index Trust II, C/o Ernst & Young LLP, 14th Floor, The Ru…

Vanguard Emerging Markets Stock Index Fund A Series of vs. Plc, Mumbaivs.Assistant Commissioner of Income Tax International Taxation -4(3)(1), Mumbai

Bench: Ms Padmavathy S, Am & Shri Rahul Chaudhary, Jm

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE MS PADMAVATHY S, AM & SHRI RAHUL CHAUDHARY, JM I.T.A. No. 1277/Mum/2025 (Assessment Year: 2022-23) Vanguard Emerging Markets Stock ACIT (IT)-4(3)(1), Index Fund A Series of VISPLC, Kautilya Bhavan, G Block, C/o Ernst & Young LLP, 14th Floor, Bandra Kurla Complex, Vs. The Ruby, 29, Senapati Bapat Marg, Maharashtra-400051. Dadar (West), Mumbai-400028. PAN: AACCV3136B Appellant) : Respondent) I.T.A. No. 1278/Mum/2025 (Assessment Year: 2022-23) VFTC- Institutional Total ACIT (IT)-4(3)(1), International Stock Market Index Kautilya Bhavan, G Block, Trust II,…

Dy CIT(It) 1(3)(1), Mumbai, Kautilya Bhavan vs. Bns Asia Limited, Mumbai

Accordingly upheld the decision of the CIT(A) in allowing the carry forward. In view of the said decision, the loss which is brought forward from AY 2014-15 should also be allowed to be carried for...

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JM & MS PADMAVATHY S, AM I.T.A. No. 723/Mum/2025 (Assessment Year: 2014-15) I.T.A. No. 724/Mum/2025 (Assessment Year: 2015-16) I.T.A. No. 734/Mum/2025 (Assessment Year: 2018-19) DCIT (IT)-1(3)(1), BNS Asia Limited., Room No. 551, Kautilya Bhavan, C/o SRBC and Associates LLP, 14th Floor, The Ruby, 29 Mumbai-400051. Vs. Senapati Bapat Marg, Mumbai-400028. PAN: AACCT1805H Appellant) : Respondent) Appellant /Assessee by : Shri Jitendra Singh / Ms. Shivali Mathre, AR Revenue / Respondent by : Shri Krishna Kumar, Sr. DR Date of Hearing : 25…

Dy CIT(It) 1(3)(1), Mumbai, Kautilya Bhavan vs. Bns Asia Limited, Mumbai

Accordingly upheld the decision of the CIT(A) in allowing the carry forward. In view of the said decision, the loss which is brought forward from AY 2014-15 should also be allowed to be carried for...

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JM & MS PADMAVATHY S, AM I.T.A. No. 723/Mum/2025 (Assessment Year: 2014-15) I.T.A. No. 724/Mum/2025 (Assessment Year: 2015-16) I.T.A. No. 734/Mum/2025 (Assessment Year: 2018-19) DCIT (IT)-1(3)(1), BNS Asia Limited., Room No. 551, Kautilya Bhavan, C/o SRBC and Associates LLP, 14th Floor, The Ruby, 29 Mumbai-400051. Vs. Senapati Bapat Marg, Mumbai-400028. PAN: AACCT1805H Appellant) : Respondent) Appellant /Assessee by : Shri Jitendra Singh / Ms. Shivali Mathre, AR Revenue / Respondent by : Shri Krishna Kumar, Sr. DR Date of Hearing : 25…

Dy CIT(It)-1(3)(1, Mumbai, Kautilya Bhavan vs. Bns Asia Limited, Mumbai

Accordingly upheld the decision of the CIT(A) in allowing the carry forward. In view of the said decision, the loss which is brought forward from AY 2014-15 should also be allowed to be carried for...

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JM & MS PADMAVATHY S, AM I.T.A. No. 723/Mum/2025 (Assessment Year: 2014-15) I.T.A. No. 724/Mum/2025 (Assessment Year: 2015-16) I.T.A. No. 734/Mum/2025 (Assessment Year: 2018-19) DCIT (IT)-1(3)(1), BNS Asia Limited., Room No. 551, Kautilya Bhavan, C/o SRBC and Associates LLP, 14th Floor, The Ruby, 29 Mumbai-400051. Vs. Senapati Bapat Marg, Mumbai-400028. PAN: AACCT1805H Appellant) : Respondent) Appellant /Assessee by : Shri Jitendra Singh / Ms. Shivali Mathre, AR Revenue / Respondent by : Shri Krishna Kumar, Sr. DR Date of Hearing : 25…

Qualcomm Asia Pacific Pte Ltd, Singapore vs. Deputy Commissioner of Income-Tax, International Tax -Circle 3(3)(1), Mumbai

The appeal of the assessee is allowed

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JM & MS PADMAVATHY S, AM I.T.A. No. 686/Mum/2025 (Assessment Year: 2020-21) Qualcomm Asia Pacific Pte. Ltd., CIT(A)-57, 5th Floor, Earnest House, 80, Robinson Road, Singapore Central Area, Singapore Central Vs. Nariman Point, Area, Singapore-99999. Mumbai-400021. PAN: AAACQ2819E Appellant) : Respondent) Appellant /Assessee by : Shri Nishant Thakkar / Ms Jasmin Amalsadwala, AR : Shri Krishna Kumar, Sr. DR Revenue / Respondent by Date of Hearing : 24.03.2025 Date of Pronouncement : 28.03.2025 O R D E R Per Padmavathy S, AM: This appeal…

Vanguard Emerging Markets Stock Index Fund A Series of Visplc, Mumbai vs. ACIT (International Tax)-4(3)(1), Mumbai

In the result, appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), MS PADMAVATHY S (Accountant Member)

…IN THE INCOME TAX APPELLATE TRIBUNAL, „I‟ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & MS PADMAVATHY S, ACCOUNTANT MEMBER Vanguard Emerging Vs. Assistant Commissioner Markets Stock Index of Income Tax Fund A Series of (International Tax) – VISPLC C/o. Ernst & 4(3)(1) Young LLP, 14th Floor Air India Building The Ruby 29, Senapati Nariman Point Bapat Marg Mumbai – 400 021 Dadar (West) Mumbai- 400 028 PAN/GIR No. AACCV3136B (Appellant) .. (Respondent) Assessee by Shri Anish Thacker, Shri Pranay Gandhi Revenue by Shri Krishna Kumar, Sr.DR Date of Hearing 13/02/2025 Date of Pronouncement 18/03/2025 आ…

Asia Investment Corporation (Mauritius) Limited, Mumbai vs. Deputy Commissioner of Income Tax (Int Taxation)1(1)(2), Mumbai

In the result the appeals filed by the assessee for both the years under consideration stands partly allowed

Bench: Smt. Beena Pillai () & Ms. Padmavathy S ()

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SMT. BEENA PILLAI (JUDICIAL MEMBER) AND MS. PADMAVATHY S (ACCOUNTANT MEMBER) I.T.A. No.2765/Mum/2024 Assessment Year: 2016-17 & I.T.A. No.2766/Mum/2024 Assessment Year: 2017-2018 Asia Investment Vs. DCIT (IT) 1(1)(2), Corporation (Mauritius) 12, 3rd Floor, Mittal Limited Court 22, Nariman 33, Edith Cavell Street, Point, Port Louis, Republic of Mumbai-400021 Mauritius Foreign PAN:AAFCA0513L (Appellant) (Respondent) Appellant by Ms. Rachna Agarwal Respondent by Shri Vivek Perampurna, CIT-D.R. Date of Hearing 09/01/2025 Date of Pronouncement 31/01/…

Asia Investment Corporation (Mauritius ) Limited, Mumbai vs. Deputy Commissioner of Income Tax (Int Tax)-1(1)(2), Mumbai

In the result the appeals filed by the assessee for both the years under consideration stands partly allowed

Bench: Smt. Beena Pillai () & Ms. Padmavathy S ()

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SMT. BEENA PILLAI (JUDICIAL MEMBER) AND MS. PADMAVATHY S (ACCOUNTANT MEMBER) I.T.A. No.2765/Mum/2024 Assessment Year: 2016-17 & I.T.A. No.2766/Mum/2024 Assessment Year: 2017-2018 Asia Investment Vs. DCIT (IT) 1(1)(2), Corporation (Mauritius) 12, 3rd Floor, Mittal Limited Court 22, Nariman 33, Edith Cavell Street, Point, Port Louis, Republic of Mumbai-400021 Mauritius Foreign PAN:AAFCA0513L (Appellant) (Respondent) Appellant by Ms. Rachna Agarwal Respondent by Shri Vivek Perampurna, CIT-D.R. Date of Hearing 09/01/2025 Date of Pronouncement 31/01/…

Bay Capital India Fund Limited, Mauritius vs. Assistance Commissioner of Income Tax, Air India, Nariman Point, Mumbai

In the result, the appeal of the assessee bearing ITA No

Bench: Shri Narendra Kumar Billaiya & Shri Anikesh Banerjee

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I”, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER AND SHRI ANIKESH BANERJEE, JUDICIAL MEMBER ITA 4475/Mum/2023 (Assessment year : 2021-22) Bay Capital India Fund Limited, vs Assistant Commissioner of Income- Mauritius tax, C/o Minesh Shah & Associates Air India, Nariman Point, Mumbai, LLP, Office 18, 31st Floor, 18th Floor, Air India Building, Marathon Futurex, Mafatlal Nariman Point, Mumbai-400 021 Mills Compound, NM Joshi Marg, Lower Parel (E), Mumbai-400 013 PAN : AAFCB7668K APPELLANT RESPONDENT Assessee by : Shri Sukhsagar Syal Respondent b…