Goldman Sachs Investment Goldman Sachs (Singapore) Pte. (Mauritius) Ltd. v. DCIT(IT)

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) - 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

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI SUNIL KUMAR SINGH (JUDICIAL MEMBER) 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 and 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 Kurl…

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

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI SUNIL KUMAR SINGH (JUDICIAL MEMBER) 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 and 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 Kurl…

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…

CREDIT SUISSE (SINGAPORE ) LIMITED ,SINGAPORE vs. COMMISSIONER OF INCOME TAX (INTERNATIONAL TAX), MUMBAI-2

In the result, appeals by the assessee for 2016-17 and 2017-18 are allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं. 1007/मुं/2022 ("न.व.2016-17) आअसं. 1008/मुं/2022 ("न.व.2017-18) Credit Suisse (Singapore) Limited, C/O. Delloite Haskins & Sells Chartered Accountants Llp, 30Th Floor, Tower 3, One International Centre, Senapati Bapat Marg, Elphinstone Road (West), Mumbai 400 013 Pan: Aaccc-7328-N ...... अपीलाथ"/Appellant बनाम Vs. Commissioner Of Income Tax (International Taxation) Mumbai-2, 1706, 17Th Floor, Air India Building, ...... ""तवाद"/Respondent Nariman Point, Mumbai 400 038

…आयकर अपील"य अ"धकरण मुंबई पीठ“आई”, मुंबई "ी "वकास अव"थी, "या"यक सद"य एवं "ी गगन गोयल, लेखाकार सद"य के सम" IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI GAGAN GOYAL, ACCOUNTANT MEMBER आअसं. 1007/मुं/2022 ("न.व.2016-17) आअसं. 1008/मुं/2022 ("न.व.2017-18) Credit Suisse (Singapore) Limited, C/o. Delloite Haskins & Sells Chartered Accountants LLP, 30th Floor, Tower 3, One International Centre, Senapati Bapat Marg, Elphinstone Road (West), Mumbai 400 013 PAN: AACCC-7328-N ...... अपीलाथ"/Appellant बनाम Vs. Commissioner of Income Tax (International Taxati…

CREDIT SUISSE (SINGAPORE ) LIMITED ,SINGAPORE vs. COMMISSIONER OF INCOME TAX (INTERNATIONAL TAX), MUMBAI-2

In the result, appeals by the assessee for 2016-17 and 2017-18 are allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं. 1007/मुं/2022 ("न.व.2016-17) आअसं. 1008/मुं/2022 ("न.व.2017-18) Credit Suisse (Singapore) Limited, C/O. Delloite Haskins & Sells Chartered Accountants Llp, 30Th Floor, Tower 3, One International Centre, Senapati Bapat Marg, Elphinstone Road (West), Mumbai 400 013 Pan: Aaccc-7328-N ...... अपीलाथ"/Appellant बनाम Vs. Commissioner Of Income Tax (International Taxation) Mumbai-2, 1706, 17Th Floor, Air India Building, ...... ""तवाद"/Respondent Nariman Point, Mumbai 400 038

…आयकर अपील"य अ"धकरण मुंबई पीठ“आई”, मुंबई "ी "वकास अव"थी, "या"यक सद"य एवं "ी गगन गोयल, लेखाकार सद"य के सम" IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI GAGAN GOYAL, ACCOUNTANT MEMBER आअसं. 1007/मुं/2022 ("न.व.2016-17) आअसं. 1008/मुं/2022 ("न.व.2017-18) Credit Suisse (Singapore) Limited, C/o. Delloite Haskins & Sells Chartered Accountants LLP, 30th Floor, Tower 3, One International Centre, Senapati Bapat Marg, Elphinstone Road (West), Mumbai 400 013 PAN: AACCC-7328-N ...... अपीलाथ"/Appellant बनाम Vs. Commissioner of Income Tax (International Taxati…

GOLDMAN SACHS INDIA INVESTMENTS (SINGAPORE) PTE LTD,MUMBAI vs. DCIT (IT) 2(3)(2), MUMBAI

Bench: Sri Mahavir Singh, Vp & Sri Rajesh Kumar, Am आमकय अऩीर सिं./ Ita No. 6619/Mum/2016 (ननधाायण वषा / Assessment Years 2012-13) Goldman Sachs India Investments The Dy. Commissioner Of (Singapore) Pte Limited Income Tax, (International M/S Srbc & Associates Llp, 14 T H Taxation) -2(3)(2) फनाभ/ Room No. 1702, 17 Th Floor, Floor, The Ruby 29 Senapati Bapat Marg, Dadar (West), Air India Building, Nariman Vs. Mumbai-400 028 Point, Mumbai-400 021 (अऩीराथी / Appellant) (प्रत्मथी/ Respondent) स्थामी रेखा सिं./Pan No. Aaecg1675L अऩीराथी की ओय से/ Appellant By : Shri Pj Pardiwala, Ar प्रत्मथी की ओय से/ Respondent By : Ms Shreekala Pardeshai, Dr सुनवाई की तायीख / Date Of Hearing: 26.03.2021 घोषणा की तायीख / Date Of Pronouncement: 09.04.2021

…आयकर अपीऱीय अधिकरण “I” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI श्री भहावीय ससिंह, उऩाध्मऺ एविं श्री याजेश कुभाय, रेखा सदस्म के सभऺ । BEFORE SRI MAHAVIR SINGH, VP AND SRI RAJESH KUMAR, AM आमकय अऩीर सिं./ ITA No. 6619/Mum/2016 (ननधाायण वषा / Assessment Years 2012-13) Goldman Sachs India Investments The Dy. Commissioner of (Singapore) PTE Limited Income Tax, (International M/s SRBC & Associates LLP, 14 t h Taxation) -2(3)(2) फनाभ/ Room No. 1702, 17 th Floor, Floor, The Ruby 29 Senapati Bapat Marg, Dadar (West), Air India Building, Nariman Vs. Mumbai-400 028 Point, Mumbai-400 021 (…