“Section 70(2)”

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

arising on transactions subjected to STT and those not subjected to STT are no different and satisfy the 'similar computation' condition specified in section 70(2) of the Act; ITAs No.6050, 6051 & 6774/Mum/2025 (A.Y. 2022-23 & 2023-24) 4 4. failed to appreciate that since section 70 ... against short-term capital gains (on which STT was not paid). Before proceeding further, it is relevant to note the provisions of section 70(2) of the Act, which deals with the set off of short-term capital loss, and the same reads as follows: - "(2) Where the result

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

arising on transactions subjected to STT and those not subjected to STT are no different and satisfy the 'similar computation' condition specified in section 70(2) of the Act; ITAs No.6050, 6051 & 6774/Mum/2025 (A.Y. 2022-23 & 2023-24) 4 4. failed to appreciate that since section 70 ... against short-term capital gains (on which STT was not paid). Before proceeding further, it is relevant to note the provisions of section 70(2) of the Act, which deals with the set off of short-term capital loss, and the same reads as follows: - "(2) Where the result

ISHARES MSCI ALL COUNTRY ASIA EX JAPAN ETF,MUMBAI vs. DCIT (INT. TAX)-2(2)(2), MUMBAI

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

similar computation made for the\n assessment year in respect of any other capital asset.\"\n15. Thus, as per the provisions of section 70(2) of the Act, the short-term\ncapital loss can be set off against gain from any other capital asset. Section\n70(2 ... same had. Therefore, these provisions speaks\nabout inter head adjustment other than the head of capital gains. For capital\ngains provisions of section 70 (2) of the act provides that where assessee\nsuffers short-term capital loss, assessee shall be entitled to set off such losses\nagainst capital gain computed

FLORIDA RETIREMENT SYSTEM ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX INTERNATIONAL TAXATION -2(3)(1), MUMBAI

The appeal stands allowed in the aforesaid terms

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

arising on transactions subjected to STT and those not subjected to STT are no different and satisfy the 'similar computation' condition specified in section 70(2) of the Act. 4. failed to appreciate that section 70 of the Act does not provide any hierarchy for set-off of losses ... gains are both arrived at by applying sections 48 to 55, they fall within a common computational field for the purpose of section 70(2). The fact that some transactions attract securities transaction tax and carry a concessional rate of tax, whereas others do not, has been held

DCIT CC-8(4), MUMBAI, MUMBAI vs. OSCAR INFRA PRIVATE LIMITED, NAVI MUMBAI

In the result, the appeal filed by the revenue stands dismissed

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankardcit, Cc-8(4) Vs. Oscar Infra Pvt Ltd Room No. 659, 6Th Floor, Office No. 707, 7Th Aayakar Bhavan, Mk Road Floor, Everest Nivara, Churchgate, Mumbai – Infotech Park, Plot No. 400020. D/3, Ttc Industrial Area, Midc Pan/Gir No. Aabco0152H (Applicant) (Respondent)

IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH MUMBAI BEFORE HON’BLE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER & SHRI PRABHASH SHANKAR

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

course of assessment proceedings, ld. Assessing Officer issued a notice u/s.142(1) in response thereof, assessee claimed that as per the provisions of section 70(2) of the Act, any STCL can be adjusted / set-off against the income, if any, as arrived at under a similar computation made ... Special Bench of ITAT Mumbai in the case of Montomery Emerging Markets Company [2006] 100 ITD 217 (Mum) wherein it was held that Section 70(2) of the Act does not prescribe any order in which specific short-term capital loss can be set-off against specific short-term capital

SABEENA SILK MILLS ,MUMBAI vs. INCOME TAX OFFICER 31(1)(1), MUMBAI

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

Bench: Shri Narndra Kumar Billaiya & Shri Anikesh Banerjeesabeena Silk Mills Vs Income-Tax Officer 31(1)(1), Apurva Industrial Estate, Mumbai, Majwana Road, Marol Kautilya Bhavan, Bkc, Bandra, Mumbai-400 059 Mumbai-400 051 Pan: Aabfs3210R Appellant Respondent

income. As per the amendment to Section 70 of the Act by the Finance Act, 2002, with effect from 01.04.2003, the provisions of Section 70(2) clearly stipulate that a short-term capital loss can only be 7 ITA 1508/Mum /2025 Sabeena Silk Mills adjusted against income from other capital ... provisions of section 41(2) are inapplicable to the facts of the present case, and in terms of sections 70(2) and 71(3) of the Act, such short-term capital loss/gain is to be dealt with only under the head “Capital Gains.” Accordingly, the order

ISHANA CAPITAL MASTER FUND ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-2(2)(1), MUMBAI

In the result the appeal filed by the assessee stands allowed

Bench: Smt. Beena Pillai () & Smt. Renu Jauhri ()

arising on transactions subjected to STT and those not subjected to STT are no different and satisfy the 'similar computation' condition specified in section 70(2) of the Act; 3. Failed to appreciate that since section 70 of the Act does not provide any hierarchy for set-off, the short ... against STCG of that period and remaining amount be taxed @30%. The Tribunal held that (i) in view of provision of section 70(2), the assessee had a choice in taking decision about setting off of STCL from one transaction against any other STCG, whether within or outside

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

Bench: SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER SHRI OMKARESHWAR CHIDARA (Accountant Member)

arising on transactions subjected to STT and those not subjected to STT are no different and satisfy the 'similar computation' condition specified in section 70(2) of the Act. 3. The learned DCIT failed to appreciate that section 70 of the Act does not provide any hierarchy ... from a STT paid transaction can be set off against short term capital gains arising from non STT paid transaction in terms of section 70(2) of the Income tax Act?" has been admitted by the Hon'ble Bombay High Court in the case of Goldman Sachs Fund-ITXA/1554/2013

EMPLOYEES RETIREMENT SYSTEM OF TEXAS ,MUMBAI vs. DY CIT (INT. TAX)-2(2)(1), MUMBAI

The appeals are partly allowed

Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

arising on transactions subjected to STT and those not subjected to STT are no different and satisfy the 'similar computation' condition specified in section 70(2) of the Act. 3. Failed to appreciate that section 70 of the Act does not provide any hierarchy for set-off of losses ... arising on transactions subjected to STT and those not subjected to STT are no different and satisfy the 'similar computation' condition specified in section 70(2) of the Act. 3. Failed to appreciate that section 70 of the Act does not provide any hierarchy for set-off of losses

FIDELITY RUTLAND SQUARE TRUST II STRATEGIC ADVISERS EMERGING MARKETS FUND ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION), MUMBAI

The appeals are partly allowed

narising on transactions subjected to STT and those not\nsubjected to STT are no different and satisfy the 'similar\ncomputation' condition specified in section 70(2) of the\nAct.\n3. Failed to appreciate that section 70 of the Act does not\nprovide any hierarchy for set-off of losses ... narising on transactions subjected to STT and those not\nsubjected to STT are no different and satisfy the 'similar\ncomputation' condition specified in section 70(2) of the\nAct.\n3. Failed to appreciate that section 70 of the Act does not\nprovide any hierarchy for set-off of losses

FIDELITY SALEM STREET TRUST FIDELITY SAI EMERGING MARKETS INDEX FUND ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-2(3)(1), MUMBAI

The appeals are partly allowed

Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

arising on transactions subjected to STT and those not subjected to STT are no different and satisfy the 'similar computation' condition specified in section 70(2) of the Act. 3. Failed to appreciate that section 70 of the Act does not provide any hierarchy for set-off of losses ... arising on transactions subjected to STT and those not subjected to STT are no different and satisfy the 'similar computation' condition specified in section 70(2) of the Act. 3. Failed to appreciate that section 70 of the Act does not provide any hierarchy for set-off of losses

FIDELITY RUTLAND SQUARE TRUST II STRATEGIC ADVISERS FID EMG MARKETS FUND ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION )2(3)(1), MUMBAI

narising on transactions subjected to STT and those not\nsubjected to STT are no different and satisfy the 'similar\ncomputation' condition specified in section 70(2) of the\nAct.\nFailed to appreciate that section 70 of the Act does not\nprovide any hierarchy for set-off of losses, the short ... narising on transactions subjected to STT and those not\nsubjected to STT are no different and satisfy the 'similar\ncomputation' condition specified in section 70(2) of the\nAct.\nFailed to appreciate that section 70 of the Act does not\nprovide any hierarchy for set-off of losses, the short

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

similar computation made for the\n assessment year in respect of any other capital asset.\"\n12. Thus, as per the provisions of section 70(2) of the Act, the short-term\ncapital loss can be set off against gain from any other capital asset. Section\n70(2 ... same had. Therefore, these provisions speaks\nabout inter head adjustment other than the head of capital gains. For capital\ngains provisions of section 70 (2) of the act provides that where assessee\nsuffers short-term capital loss, assessee shall be entitled to set off such losses\nagainst capital gain computed

ISHARES MSCI INDIA ETF(AS A SUCESSOR TO ISHARES INDIA INDEX MARUITIUS COMPANY),MUMBAI vs. DCIT (INT)-2(2)(2), MUMBAI

similar computation made for the\n assessment year in respect of any other capital asset.\"\n12. Thus, as per the provisions of section 70(2) of the Act, the short-term\ncapital loss can be set off against gain from any other capital asset. Section\n70(2 ... same had. Therefore, these provisions speaks\nabout inter head adjustment other than the head of capital gains. For capital\ngains provisions of section 70 (2) of the act provides that where assessee\nsuffers short-term capital loss, assessee shall be entitled to set off such losses\nagainst capital gain computed

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

capital asset.\"\n10\nITAs No. 2085, 2134, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154/Mum/2025 11\n12. Thus, as per the provisions of section 70(2) of the Act, the short-term\ncapital loss can be set off against gain from any other capital asset. Section\n70(2 ... same had. Therefore, these provisions speaks\nabout inter head adjustment other than the head of capital gains. For capital\ngains provisions of section 70 (2) of the act provides that where assessee\nsuffers short-term capital loss, assessee shall be entitled to set off such losses\nagainst capital gain computed

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

similar computation made for the\n assessment year in respect of any other capital asset.\"\n12. Thus, as per the provisions of section 70(2) of the Act, the short-term\ncapital loss can be set off against gain from any other capital asset. Section\n70(2 ... same had. Therefore, these provisions speaks\nabout inter head adjustment other than the head of capital gains. For capital\ngains provisions of section 70 (2) of the act provides that where assessee\nsuffers short-term capital loss, assessee shall be entitled to set off such losses\nagainst capital gain computed