First State Investments (Hong Kong) Ltd. v. ADIT

Asstt. Commissioner of Income Tax It 3.1.2, Kautilya Bhawan, Mumbai vs. Kuwait Investment Authority, Mumbai

In the result, appeal of the Revenue is dismissed

Bench: Shri Saktijit Dey, Hon'Ble & Shri Girish Agrawalassessment Year: 2020-21

…-term capital loss can be set-off against specific short-term capital gains and in absence of such description, the interpretation of provision in favour of taxpayer should be adopted. Also, relied in the case of First State Investment (Hong Kong) Ltd. [2009] 33 SOT 26 (Mum) and other decisions as mentioned in the assessment order. Ld. Assessing Officer not convinced with the stand of the assessee, disallowed the set-off of losses by mentioning that section 70(2) of the Act places emphasis on income, if any, arrived at under a similar computation. Accordingly, he held that STCG to be taxed at 30% and STCG to be t…

Emerging Markets Index Non Lendable Fund, Mumbai vs. DCIT (International Taxation)-2(2)(1), Mumbai

In the result appeal of the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shrisandeep Singh Karhail, Jm A.Y.2021 – 22 Emerging Markets Index The Deputy Commissioner Of Non-Lendable Fund Income Tax (International C/O Ernst & Young Llp Taxation) – Circle –2 (2) (1) 17Th Floor 1722, 17T H Floor, Vs. The Ruby Air India Building, 29, Senapati Bapat Marg Nariman Point, Dadar (West) Mumbai – 21 Mumbai – 28 (Appellant) (Respondent) Pan Aaaae3262D Assessee By Shri Anish Thacker & Pranay Gandhi Revenue By Shri Anil Sant Additional Commissioner Of Income Tax Date Of Hearing 7 May 2024 Date Of Pronouncement 5 August 2024

…(2) only nods computation of capital gain as per the provisions of section 48 – 55 of the act without any reference to the provisions of the act relating to tax rate applicable to taxation of such gains. He relied upon the decision of the coordinate bench in 33 SOT 26, 2862/M/2022, 160 taxmann.com 686. Thus, he submitted that in absence of specific stipulations for set-off, the assessee has the choice to choose the set of approach which is beneficial to it. He further submitted that the differential rate of tax applicable to taxation of gains arising from the transfer of short-term capital asset during a particu…

Ishares Msci Em Ucits Etf Usd Dist, Mumbai vs. Deputy Commissioner of Income Tax (International Taxation)-2(2)(2), Mumbai

In the result appeal of the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

…'similar competition' connotes computation of capital gain as per the provisions of section 48 to 55 of the act but it does not relate to the tax rate applicable on such gain. For this proposition he relied upon the decision of the coordinate bench in case of 33 SOT 26 in case of first State investments (Hong Kong) Ltd, J P Morgan fund (ITA number 2862/MUL/2022 dated 21st of March 23), J S capital LLC (160 taxmann.com 686 (MU M)). Thus it was claimed that in absence of specific stipulation for staff, the appellant has the choice to choose the set of approach which is beneficial to it. It was further stated that t…

Ishares Msci Em Imi Esg Screened Ucits Etf, Mumbai vs. Deputy Commissioner of Income Tax (International Taxation)-2(2)(2), Mumbai

In the result appeal of the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

…'similar competition' connotes computation of capital gain as per the provisions of section 48 to 55 of the act but it does not relate to the tax rate applicable on such gain. For this proposition he relied upon the decision of the coordinate bench in case of 33 SOT 26 in case of first State investments (Hong Kong) Ltd, J P Morgan fund (ITA number 2862/MUL/2022 dated 21st of March 23), J S capital LLC (160 taxmann.com 686 (MU M)). Thus it was claimed that in absence of specific stipulation for staff, the appellant has the choice to choose the set of approach which is beneficial to it. It was further stated that t…

Ishares Msci Em Ucits Etf Usd Acc, Mumbai vs. Deputy Commissioner of Income Tax (International Taxation)-2(2)(2), Mumbai

In the result appeal of the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

…'similar competition' connotes computation of capital gain as per the provisions of section 48 to 55 of the act but it does not relate to the tax rate applicable on such gain. For this proposition he relied upon the decision of the coordinate bench in case of 33 SOT 26 in case of first State investments (Hong Kong) Ltd, J P Morgan fund (ITA number 2862/MUL/2022 dated 21st of March 23), J S capital LLC (160 taxmann.com 686 (MU M)). Thus it was claimed that in absence of specific stipulation for staff, the appellant has the choice to choose the set of approach which is beneficial to it. It was further stated that t…

Ishares Msci India Ucits Etf, Mumbai vs. Deputy Commissioner of Income Tax (International Taxation)-2(2)(2), Mumbai

In the result appeal of the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

…'similar competition' connotes computation of capital gain as per the provisions of section 48 to 55 of the act but it does not relate to the tax rate applicable on such gain. For this proposition he relied upon the decision of the coordinate bench in case of 33 SOT 26 in case of first State investments (Hong Kong) Ltd, J P Morgan fund (ITA number 2862/MUL/2022 dated 21st of March 23), J S capital LLC (160 taxmann.com 686 (MU M)). Thus it was claimed that in absence of specific stipulation for staff, the appellant has the choice to choose the set of approach which is beneficial to it. It was further stated that t…

Ishares Emsc Mauritius Co, Mumbai vs. Deputy Commissioner of Income Tax (International Taxation )-2(2)(2), Mumbai

In the result appeal of the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

…'similar competition' connotes computation of capital gain as per the provisions of section 48 to 55 of the act but it does not relate to the tax rate applicable on such gain. For this proposition he relied upon the decision of the coordinate bench in case of 33 SOT 26 in case of first State investments (Hong Kong) Ltd, J P Morgan fund (ITA number 2862/MUL/2022 dated 21st of March 23), J S capital LLC (160 taxmann.com 686 (MU M)). Thus it was claimed that in absence of specific stipulation for staff, the appellant has the choice to choose the set of approach which is beneficial to it. It was further stated that t…

Sukhpal Singh Ahluwalia, Mumbai vs. ITO (International Taxation) Ward 1(1)(1), Mumbai

In the result, appeal of assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Raj Kumar Chauhan, Jm Income Tax Officer Sukhpal Singh Ahluwalia (International Tax) Ward 6/24, Milan Building, 1(1)(1), 87, Tardeo Road, Room No.1817A, 18 Th Vs. Opp. Tardeo A C Market, Floor, Air India Building, Mumbai-400 034 Nariman Point, Mumbai-400 021 (Appellant) (Respondent) Pan No. Azupa6884D Assessee By : Shri Rashmikant C. Modi & Ms. Ketki Rajeshirke, Ars Revenue By : Shri Soumendu Kumar Sash, Dr Date Of Hearing: 18.04.2024 27.05.2024 Date Of Pronouncement :

…023, for A.Y. 2020-21, dated 26thFebruary 2024. He further stated that Hon'ble Kolkata High Court in 812 of 2008 has also supports the case of the assessee He further referred to the decision of the co-ordinate Bench in First State Investments (Hongkong) Ltd. 33 SOT 26, Mumbai, wherein it has been held that set off of losses from one source against income from other source under the same head is permissible. Thus, according to him the assessee deserves to set off long term capital losses brought forward. The learned Departmental Representative vehemently 019. supported the order of the learned Assessing Officer…

DCIT(It)-2(1)(2), Mumbai vs. M/S. Dal Chi Life Insurance Company Ltd., Mumbai

In the result, the appeal is dismissed in the terms indicated above

…ince there is are direct binding judicial precedents on the issue, in favour of the assessee, he would rather follow the same. He referred to, and relied upon, a coordinate bench decision, in the case of First State Investments (Hong Kong) Ltd vs ADIT [(2009) 33 SOT 26 (Mum)], to reverse the stand of the Assessing Officer, and accept the plea of the assessee. The Assessing Officer is aggrieved and is in appeal before us. [5] We have heard the rival contentions perused the material on record and duly considered facts of the case in the light of applicable legal position. [6] We find that the issue in appeal is s…

DCIT 1(1)(2), Mumbai vs. Housing Development Finance Corporation Ltd, Mumbai

In the result the appeal filed by the revenue is dismissed

Bench: Shri G.S. Pannu & Shri Pawan Singhdcit -1(1)(2), M/S Housing Development Finance 579, Aayakar Bhavan, Corporation Ltd., Ramon House, M.K. Road, Mumbai-20 Vs. H.T. Parekh Marg, 169-Backbay Reclamation, Mumbai-400020. Pan: Aaach0997E Appellant Respondent Cross Appeal No.44/Mum/2018 (Assessment Year 2006-07) M/S Housing Development Dcit -1(1)(2), Finance Corporation Ltd., 579, Aayakar Bhavan, M.K. Ramon House, H.T. Parekh Vs. Road, Mumbai-20 Marg, 169-Backbay Reclamation, Mumbai-400020. Pan: Aaach0997E Appellant Respondent Appellant By : Dr. Narender Kumar (Cit-Dr) Respondent By : Shri Nitesh Josh With Jayesh Desai (Ar) Date Of Hearing : 19.06.2018 Date Of Pronouncement : 19.06.2018 Orderunder Section 254(1)Of Income Tax Act Per Pawan Singh;

…eciating the fact that the same cannot be rectified under section 154 which is debatable issue and not a mistake apparent on record. 3. The ld. CIT(A) while following the decision of Mumbai Tribunal in First State Investments (Hongkong) Ltd. v. ADIT [2009] (33 SOT 26), (Mum ITAT), Fidelity Investment Trust Fidelity Overseas Fund v. ADIT [2010] 2 ITA No. 6397Mum 16 & C.O. 44/M/18 M/s Housing Development Finance Corporation Ltd. (36 SOT 22) (Mum ITAT), ADIT v. Legg Mason Asia (Ex Japan) Analyst Fund [2013] 38 taxmann.com 12 (Mum Trib.) held that the ratio laid down in the decisions the assessee is entitled…