CIT v. Manmohan Das

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

In the result, the appeal by the assessee is partly allowed for statistical purposes

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailishares 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

…DTAA on capital gains, capital losses are also exempt. When the issue reached before the Tribunal, the Coordinate Bench placing reliance on the decision in the case of CIT vs. Western India Oil Distributing Co. Ltd., 249 ITR 517 (SC) and CIT vs. Manmohan Das 59 ITR 699(SC) and also after considering CBDT Circular No.22 of 1944 dated 29/07/1944 held that the assessee is justified in claiming carry forward of brought forward losses of the earlier years to the subsequent years and at the same time upheld assessee's claim of capital gains as exempt under the provisions of Article -13 of the DTAA. Thus, the Tribunal…

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

In the result, the appeal by the assessee is partly allowed for statistical purposes

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailishares 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

…DTAA on capital gains, capital losses are also exempt. When the issue reached before the Tribunal, the Coordinate Bench placing reliance on the decision in the case of CIT vs. Western India Oil Distributing Co. Ltd., 249 ITR 517 (SC) and CIT vs. Manmohan Das 59 ITR 699(SC) and also after considering CBDT Circular No.22 of 1944 dated 29/07/1944 held that the assessee is justified in claiming carry forward of brought forward losses of the earlier years to the subsequent years and at the same time upheld assessee's claim of capital gains as exempt under the provisions of Article -13 of the DTAA. Thus, the Tribunal…

VIACOM 18, MEDIA PVT LTD ,MUMBAI vs. PCIT-8, MUMBAI

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

…sses in the year of incurrence of loss is academic and same has to be decided by the AO in the year in which the set off is claimed. In this respect, reliance is placed on the decision of Hon'ble Supreme Court in case of CIT vs. Manmohan Das (Deceased) [1966] 59 ITR 699 (SC); Cargo Service Centre India (P) Ltd. V. DCIT (2021) ITA No. 3612/Mum/2019, wherein the AO did not allow carry forward of a business loss claimed by the Assessee, alleging that the same was not a business loss. Before deciding the issue as to whether the loss was business loss or not, the Hon'ble Supreme Court held that it is a statutory right…

ISHARES MSCI ALL COUNTRY ASIA EX JAPAN ETF(AS A SUCCESSOR TO ISHARES MSCI ALL COUNTRY ASIA EX JAPAN MAURITIUS CO),MUMBAI vs. DCIT (INT)-2(2)(2), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical\npurposes

…AA on capital gains, capital losses are also exempt. When\nthe issue reached before the Tribunal, the Coordinate Bench placing reliance on\nthe decision in the case of CIT vs. Western India Oil Distributing Co. Ltd., 249 ITR\n517 (SC) and CIT vs. Manmohan Das 59 ITR 699(SC) and also after considering\nCBDT Circular No.22 of 1944 dated 29/07/1944 held that the assessee is justified\nin claiming carry forward of brought forward losses of the earlier years to the\nsubsequent years and at the same time upheld assessee's claim of capital gains\nas exempt under the provisions of Article -13 of the DTAA. Thus, the Tribu…

ISHARES CORE MSCI EM IMI UCITS ETF,MUMBAI vs. DCIT (INT)-2(2)(2), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical\npurposes

…he Tribunal, the Coordinate Bench placing reliance on\n33\nITAs No. 2085, 2134, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154/Mum/2025 34\nthe decision in the case of CIT vs. Western India Oil Distributing Co. Ltd., 249 ITR\n517 (SC) and CIT vs. Manmohan Das 59 ITR 699(SC) and also after considering\nCBDT Circular No.22 of 1944 dated 29/07/1944 held that the assessee is justified\nin claiming carry forward of brought forward losses of the earlier years to the\nsubsequent years and at the same time upheld assessee's claim of capital gains\nas exempt under the provisions of Article -13 of the DTAA. Thus, the Tribu…

ISHARES MSCI EMERGING MARKETS ETF (AS A SUCCESSOR TO ISHARES EMERGING MARKETS INDEX MAURITIUS CO ),MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-2(2)(2), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical\npurposes

…AA on capital gains, capital losses are also exempt. When\nthe issue reached before the Tribunal, the Coordinate Bench placing reliance on\nthe decision in the case of CIT vs. Western India Oil Distributing Co. Ltd., 249 ITR\n517 (SC) and CIT vs. Manmohan Das 59 ITR 699(SC) and also after considering\nCBDT Circular No.22 of 1944 dated 29/07/1944 held that the assessee is justified\nin claiming carry forward of brought forward losses of the earlier years to the\nsubsequent years and at the same time upheld assessee's claim of capital gains\nas exempt under the provisions of Article -13 of the DTAA. Thus, the Tribu…

ISHARES INDIA 50 ETF (AS A SUCCESSOR TO ISHARES INDIA MAURITIUS CO ),MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-2(2)(2), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical\npurposes

…he Tribunal, the Coordinate Bench placing reliance on\n34\nITAs No. 2085, 2134, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154/Mum/2025 34\nthe decision in the case of CIT vs. Western India Oil Distributing Co. Ltd., 249 ITR\n517 (SC) and CIT vs. Manmohan Das 59 ITR 699(SC) and also after considering\nCBDT Circular No.22 of 1944 dated 29/07/1944 held that the assessee is justified\nin claiming carry forward of brought forward losses of the earlier years to the\nsubsequent years and at the same time upheld assessee's claim of capital gains\nas exempt under the provisions of Article -13 of the DTAA. Thus, the Tribu…

SCHWAB EMERGING MARKETS EQUITY ETF ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX INTERNATIONAL TAXATION -4(2)(1), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical\npurposes

…AA on capital gains, capital losses are also exempt. When\nthe issue reached before the Tribunal, the Coordinate Bench placing reliance on\nthe decision in the case of CIT vs. Western India Oil Distributing Co. Ltd., 249 ITR\n517 (SC) and CIT vs. Manmohan Das 59 ITR 699(SC) and also after considering\nCBDT Circular No.22 of 1944 dated 29/07/1944 held that the assessee is justified\nin claiming carry forward of brought forward losses of the earlier years to the\nsubsequent years and at the same time upheld assessee's claim of capital gains\nas exempt under the provisions of Article -13 of the DTAA. Thus, the Tribu…

ISHARES CORE MSCI EMERGING MARKETS ETF (AS A SUCESSOR TO ISHARES CORE EMERGING MARKETS MAURITIUS COMPANY),MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION) 2(2)(2), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical\npurposes

…AA on capital gains, capital losses are also exempt. When\nthe issue reached before the Tribunal, the Coordinate Bench placing reliance on\nthe decision in the case of CIT vs. Western India Oil Distributing Co. Ltd., 249 ITR\n517 (SC) and CIT vs. Manmohan Das 59 ITR 699(SC) and also after considering\nCBDT Circular No.22 of 1944 dated 29/07/1944 held that the assessee is justified\nin claiming carry forward of brought forward losses of the earlier years to the\nsubsequent years and at the same time upheld assessee's claim of capital gains\nas exempt under the provisions of Article -13 of the DTAA. Thus, the Tribu…

PRASHANT KOTHARI,SINGAPORE vs. CIT A (57) MUMBAI, OFFICE OF COMMISSIONER OF APPEALS MUMBAI

In the result, the additional ground of\nappeal is allowed

…AA on capital gains, capital losses are also\nexempt. When the issue reached before the Tribunal, the Coordinate Bench\nplacing reliance on the decision in the case of CIT vs. Western India Oil Distributing\nCo. Ltd., 249 ITR 517 (SC) and CIT vs. Manmohan Das 59 ITR 699(SC) and also after\nconsidering CBDT Circular No.22 of 1944 dated 29/07/1944 held that the assessee\nis justified in claiming carry forward of brought forward losses of the earlier years\nto the subsequent years and at the same time upheld assessee's claim of capital\ngains as exempt under the provisions of Article -13 of the DTAA. Thus, the Tribu…

BAY CAPITAL INDIA FUND LIMITED,MUMBAI vs. CIT (A) 55, MUMBAI, MUMBAI

In the result, the appeal by the assessee is allowed

…AA on capital gains, capital losses are also exempt. When\nthe issue reached before the Tribunal, the Coordinate Bench placing reliance on\nthe decision in the case of CIT vs. Western India Oil Distributing Co. Ltd., 249 ITR\n517 (SC) and CIT vs. Manmohan Das 59 ITR 699(SC) and also after considering\nCBDT Circular No.22 of 1944 dated 29/07/1944 held that the assessee is justified\nin claiming carry forward of brought forward losses of the earlier years to the\nsubsequent years and at the same time upheld assessee's claim of capital gains\nas exempt under the provisions of Article -13 of the DTAA. Thus, the Tribu…

DCIT (IT) - 4(1)(1), MUMBAI, MUMBAI vs. ROBECO INSTITUTIONEEL EMERGING MARKETS FONDS , MUMBAI

In the result, both the appeals of the Revenue are dismissed

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh () Assessment Year: 2016-17 Dcit (It)-4(1)(1), Robeco Institutioneel Emerging Markets 625, Kautilya Bhavan, G-Block, Fonds, Vs. Bandra Kurla Complex, C/O Ernst & Young Llp, 14Th Floor, Mumbai-400051. The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai-400028. Pan No. Aacts 7682 L Appellant Respondent Assessment Year: 2021-22 Dcit (It)-4(1)(1), Robeco Q1 Institutional Emerging 625, Kautilya Bhavan, G-Block, Markets Enhanced Index Equities Fund, Vs. Bandra Kurla Complex, 14Th Floor, The Rc/O Ernst & Young Mumbai-400051. Llp, 29 Senapati Bapat Marg, Dadar (West), Mumbai-400028. Pan No. Aabtr 2305 L Appellant Respondent

…r consideration or it may be allowed to be carried forward to the subsequent it may be allowed to be carried forward to the subsequent it may be allowed to be carried forward to the subsequent Assessment Years. Assessment Years. 7. In CIT vs. Mohan Das (1966) 59 ITR 699 the Hon'ble Supreme 7. In CIT vs. Mohan Das (1966) 59 ITR 699 the Hon'ble Supreme 7. In CIT vs. Mohan Das (1966) 59 ITR 699 the Hon'ble Supreme Court has held (page 700 headnotes) as under : "(iv) That the Court has held (page 700 headnotes) as under : "(iv) That the Court has held (page 700 headnotes) as under : "(iv) That the assessee was follow…

DCIT (IT) 4(1)(1), MUMBAI, MUMBAI vs. ROBECO QI INSTITUTIONAL EMERGING MARKETS ENHANCED INDEX EQUITIES FUND, MUMBAI

In the result, both the appeals of the Revenue are dismissed

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh () Assessment Year: 2016-17 Dcit (It)-4(1)(1), Robeco Institutioneel Emerging Markets 625, Kautilya Bhavan, G-Block, Fonds, Vs. Bandra Kurla Complex, C/O Ernst & Young Llp, 14Th Floor, Mumbai-400051. The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai-400028. Pan No. Aacts 7682 L Appellant Respondent Assessment Year: 2021-22 Dcit (It)-4(1)(1), Robeco Q1 Institutional Emerging 625, Kautilya Bhavan, G-Block, Markets Enhanced Index Equities Fund, Vs. Bandra Kurla Complex, 14Th Floor, The Rc/O Ernst & Young Mumbai-400051. Llp, 29 Senapati Bapat Marg, Dadar (West), Mumbai-400028. Pan No. Aabtr 2305 L Appellant Respondent

…r consideration or it may be allowed to be carried forward to the subsequent it may be allowed to be carried forward to the subsequent it may be allowed to be carried forward to the subsequent Assessment Years. Assessment Years. 7. In CIT vs. Mohan Das (1966) 59 ITR 699 the Hon'ble Supreme 7. In CIT vs. Mohan Das (1966) 59 ITR 699 the Hon'ble Supreme 7. In CIT vs. Mohan Das (1966) 59 ITR 699 the Hon'ble Supreme Court has held (page 700 headnotes) as under : "(iv) That the Court has held (page 700 headnotes) as under : "(iv) That the Court has held (page 700 headnotes) as under : "(iv) That the assessee was follow…

MATRIX PARTNERS INDIA INVESTMENT HOLDINGS, LLC,MAURITIUS vs. DEPUTY COMMISSIONER OF INCOME TAX, MUMBAI

In the result the appeal filed by the assessee 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.3097/Mum/2023 Assessment Year: 2020-21 Matrix Partners India Vs. Deputy Investment Holdings, Commissioner of LLC Income Tax, Suite 7020, 7th Floor, Ward 3(2)(1) Hennessy Court, Pope 16th Floor, Air India Hennessy Street, Port Building, Nariman Louis, Mauritius - 11404 Point, PAN:AAECM8473E Mumbai-400021 (Appellant) (Respondent) Appellant by Shri Ajit Jain/Siddhesh Choughule Respondent by Shri Krishna Kumar, Sr. D.R. Date of Hearing 06/01/2025 Date of Pronouncem…

MORGAN STANLEY MAURITIUS COMPANY LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-CIRCLE 3(2)(2), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2020-21 Morgan Stanley Mauritius Company Dy. Cit (International Taxation) – Ltd., Circle 3(2)(2), Vs. C/O S R B C & Associates Llp, 14Th 16Th Floor, Room No. 1615, Air India Floor, The Ruby, 29, Senapati Bapat Building Nariman Point, Marg, Dadar (West), Mumbai-400021. Mumbai-400028. Pan No. Aadcm 5927 G Appellant Respondent

…the decision the Tribunal, the Coordinate Bench placing reliance on the decision in the case of CIT vs. in the case of CIT vs. Western India Oil Distributing Co. Ltd., 249 ITR Western India Oil Distributing Co. Ltd., 249 ITR 517 (SC) and CIT vs. Manmohan Das 59 ITR 699(SC) and 517 (SC) and CIT vs. Manmohan Das 59 ITR 699(SC) and also after also after considering CBDT Circular No.22 of 1944 dated 29/07/1944 held considering CBDT Circular No.22 of 1944 dated 29/07/1944 held considering CBDT Circular No.22 of 1944 dated 29/07/1944 held that the assessee is justified in claiming carry forward of brought that the ass…

M/S PRANAY TRADERS AND SUPPLIER PVT LTD,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX-CIRLCLE-13(1)(1), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Rahul Chaudhary, Hon’Ble

…ine whether the loss of the previous year I.T.A. No. 4094/Mum/2023 5 may be set off against the profits of that year. For this proposition, we place strong reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Manmohan Das reported in 59 ITR 699, wherein it was held as under:- “Whether the loss in any year may be carried forward to the following year and set off against the profits and gains of the subsequent year undersection 24(2) has to be determined by the Income-tax Officer who deals with the assessment of the subsequent year, A decision recorded by the Income-tax Officer who compute…