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“Section 70(3)”

Section References (mined)Section 70Section 70(3)39 judgments

The decision most relied on for Section 70(3) is CIT v. Yokogawa India Ltd. (391 ITR 274), cited in 290 judgments on BharatTax.

Leading authorities on Section 70(3)

CIT v. Yokogawa India Ltd.
391 ITR 274 · 2017 · Supreme Court
290
citing judgments

Deduction under Section 10A or 10AA of the Income-tax Act is computed on the profits of the eligible unit without first setting off losses from other units or non-eligible units. Conversely, losses incurred by an eligible unit are allowed to be set off against the assessee's other taxable business profits.

MavaliyaBhikhubhaiBalabhai v. ITO (TDS)\n
70 Taxmann.com 45 · 2016 · High Court
93
citing judgments

Interest received under Section 28 of the Land Acquisition Act, 1894, forms an integral part of enhanced compensation and is not taxable as "Income from Other Sources" under Section 56(2)(viii) of the Income-tax Act, 1961. The Finance Act, 2009 amendments do not alter the compensatory nature of such interest.

70 ITD 214 11. Jain Bharat Tanners Vs. CIT (Mad) 264 ITR 673 12. Ashok Leyland Ltd. v. CIT(Mad)
101 ITD 495 · 2006 · ITAT
35
citing judgments

An assessment order is erroneous and prejudicial to the interest of the revenue if the Assessing Officer fails to conduct necessary inquiries or investigate facts when circumstances warrant it, demonstrating a lack of complete scrutiny. This failure to act as an investigator and not just an adjudicator can trigger revision under Section 263.

Goodyear (I) Ltd. v. ITO
73 ITD 189 · 2000 · ITAT
27
citing judgments

Expenditure incurred for the transfer of the use of licenses, without acquiring ownership rights or an enduring benefit, constitutes revenue expenditure. Such payments are allowable as a deduction if they are directly relatable to services in the revenue field.

JCIT v. Montgomery Emerging Marketing Funds,\n
100 ITD 217 · 2006 · ITAT
23
citing judgments

Each transaction can be considered a separate source of income, allowing taxpayers to choose between the Income-tax Act and a Double Taxation Avoidance Agreement (DTAA) for each transaction. Section 70(2) of the Act does not prescribe an order for setting off specific short-term capital losses against specific short-term capital gains, favouring the taxpayer in interpretation.

70 ITD 77 (Pat.) (TM), Pooja Bhatt v. Asstt. CIT
104 ITD 166 · 2007 · ITAT
23
citing judgments

A statement made during a search under section 132(4) cannot be retracted if there is no evidence to support the retraction. Loose papers found during a search do not automatically become 'dumb documents' if they are considered part of the seized material.

Kishorebhai Bhikhabhai Virani v. ACIT
367 ITR 261 · 2014 · High Court
22
citing judgments

Capital gains arising from the transfer of equity shares and equity-oriented mutual funds are exempt if the shares are long-term capital assets, transferred on the stock exchange, and the sale transaction is subject to levy. The case also relates to the application of beneficial provisions and the rejection of claims under Double Taxation Avoidance Agreements (DTAA).

Marico Ltd. v. ACIT
70 Taxmann.com 214 · 2016 · ITAT
20
citing judgments

Giving corporate guarantee for loans to associated enterprises is not an international transaction and amendments to Section 92B are not retrospective.

Judgments citing Section 70(3)

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

ITA 6774/MUM/2025[2023-24]Status: DisposedITAT Mumbai02 Jan 2026AY 2023-24

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

For Appellant: Shri Pranav GandhiFor Respondent: Shri Satya Pal Kumar, CIT-DR
Section 143(3)Section 144C(13)Section 144C(5)Section 70Section 70(2)

such losses against capital gain computed in a similar manner as under section 48 to 55 of the act. According to section 70(3) of the act where assessee suffers long- term capital loss, assessee shall be entitled to set of such losses against long- term capital gains computed

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

ITA 6051/MUM/2025[2023-24]Status: DisposedITAT Mumbai02 Jan 2026AY 2023-24

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

For Appellant: Shri Pranav GandhiFor Respondent: Shri Satya Pal Kumar, CIT-DR
Section 143(3)Section 144C(13)Section 144C(5)Section 70Section 70(2)

such losses against capital gain computed in a similar manner as under section 48 to 55 of the act. According to section 70(3) of the act where assessee suffers long- term capital loss, assessee shall be entitled to set of such losses against long- term capital gains computed

Ishares Msci All Country Asia Ex Japan Etf, Mumbai vs. DCIT (Int. Tax)-2(2)(2), Mumbai

ITA 6050/MUM/2025[2022-23]Status: DisposedITAT Mumbai02 Jan 2026AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

For Appellant: Shri Pranav GandhiFor Respondent: Shri Satya Pal Kumar, CIT-DR
Section 143(3)Section 144C(13)Section 144C(5)Section 70Section 70(2)

IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI SANDEEP SINGH KARHAIL

Mr. Nikhil Sawhney, New Delhi vs. ACIT, Noida

In the result, appeal of the assessee is dismissed

ITA 1249/DEL/2017[2013-14]Status: DisposedITAT Delhi10 Oct 2025AY 2013-14

Bench: Shri M. Balaganesh & Shri Vimal Kumarmr. Nikhil Sawhney, Vs. Dcit, 17, Sunder Nagar, Central Circle, New Delhi-11003 Noida (Appellant) (Respondent) Pan: Aaups0222Q

For Appellant: Shri Rohit Jain, AdvFor Respondent: Ms. Harpreet Kaur hansra, Sr. DR
Section 10(38)Section 143(3)

sale of shares would be allowed to be set off against Long term capital gain on sale of land in accordance with section 70(3). 10. Coming to the decision of the ITAT Mumbai Bench in the case of Schrader Duncan Ltd. (supra), the issue involved there was, whether ... sale of shares would be allowed to be set off against Long term capital gain on sale of land in accordance with section 70(3). 10. Coming to the decision of the ITAT Mumbai Bench in the case of Schrader Duncan Ltd. (supra), the issue involved there was, whether

Bennett Coleman & Co Ltd, Mumbai vs. DCIT 1(1)(1), Mumbai

In the result, this ground-7 of appeal is dismissed

ITA 190/MUM/2025[2016-17]Status: DisposedITAT Mumbai11 Aug 2025AY 2016-17

Bench: Shri. Narendra Kumar Billaiya & Shri Anikesh Banerjee

For Appellant: Shri Madhur AgrawalFor Respondent: Shri Satyaprakash R Singh, CIT DR
Section 10(38)Section 143(3)Section 144(2)Section 14ASection 14A(2)Section 250Section 43C

sale of shares would be allowed to be set off against long term capital gain on sale of land in accordance with section 70(3)" 4.9.4 The appellant company stated that this decision relied upon the appellant case for this year and to be allowed the same. It is mentioned ... said judicial view permits the set-off of such long-term capital loss against other long-term capital gains in accordance with section 70(3) of the Act. However, in the present case, the CIT(A) held that allowing such carry forward could lead to future set-off against unrelated

Bennett, Coleman & Co Ltd, Mumbai vs. DCIT 1(1)(1), Mumbai

In the result, this ground-7 of appeal is dismissed

ITA 189/MUM/2025[2015-16]Status: DisposedITAT Mumbai11 Aug 2025AY 2015-16

Bench: Shri. Narendra Kumar Billaiya & Shri Anikesh Banerjee

For Appellant: Shri Madhur AgrawalFor Respondent: Shri Satyaprakash R Singh, CIT DR
Section 10(38)Section 143(3)Section 144(2)Section 14ASection 14A(2)Section 250Section 43C

sale of shares would be allowed to be set off against long term capital gain on sale of land in accordance with section 70(3)" 17 ITA 189 & 190/Mum /2025 Bennet Coleman & Co. Ltd 4.9.4 The appellant company stated that this decision relied upon the appellant case for this year ... said judicial view permits the set-off of such long-term capital loss against other long-term capital gains in accordance with section 70(3) of the Act. However, in the present case, the CIT(A) held that allowing such carry forward could lead to future set-off against unrelated

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

ITA 2154/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

Section 143(3)Section 144C(13)

such losses against capital gain computed in a similar manner as under section 48 to 55 of the act. According to section 70(3) of the act where assessee suffers long- term capital loss, assessee shall be entitled to set of such losses against long- term capital gains computed

Ishares Msci India Etf(As A Sucessor to Ishares India Index Maruitius Company), Mumbai vs. DCIT (Int)-2(2)(2), Mumbai

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

ITA 2153/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

such losses against capital gain computed in a similar manner as under section 48 to 55 of the act. According to section 70(3) of the act where assessee suffers long- term capital loss, assessee shall be entitled to set of such losses against long- term capital gains 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

ITA 2152/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

such losses against capital gain computed in a similar manner as under section 48 to 55 of the act. According to section 70(3) of the act where assessee suffers long- term capital loss, assessee shall be entitled to set of such losses against long- term capital gains 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

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

ITA 2151/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

such losses against capital gain computed in a similar manner as under section 48 to 55 of the act. According to section 70(3) of the act where assessee suffers long- term capital loss, assessee shall be entitled to set of such losses against long- term capital gains computed

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

ITA 2150/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

such losses against capital gain computed in a similar manner as under section 48 to 55 of the act. According to section 70(3) of the act where assessee suffers long- term capital loss, assessee shall be entitled to set of such losses against long- term capital gains computed

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

ITA 2149/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

such losses against capital gain computed in a similar manner as under section 48 to 55 of the act. According to section 70(3) of the act where assessee suffers long- term capital loss, assessee shall be entitled to set of such losses against long- term capital gains computed

Ishares Msci Em Ucits Etf Usd Dist, 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

ITA 2148/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

such losses against capital gain computed in a similar manner as under section 48 to 55 of the act. According to section 70(3) of the act where assessee suffers long- term capital loss, assessee shall be entitled to set of such losses against long- term capital gains computed

Ishares Msci India Ucits Etf, 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

ITA 2147/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

such losses against capital gain computed in a similar manner as under section 48 to 55 of the act. According to section 70(3) of the act where assessee suffers long- term capital loss, assessee shall be entitled to set of such losses against long- term capital gains computed

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

ITA 2134/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

such losses against capital gain computed in a similar manner as under section 48 to 55 of the act. According to section 70(3) of the act where assessee suffers long- term capital loss, assessee shall be entitled to set of such losses against long- term capital gains computed

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

ITA 2085/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

such losses against capital gain computed in a similar manner as under section 48 to 55 of the act. According to section 70(3) of the act where assessee suffers long- term capital loss, assessee shall be entitled to set of such losses against long- term capital gains computed

Emerging Markets Index Non-Lendable Fund, Mumbai vs. Deputy Commissioner of Income Tax (International Taxation )-2(2)(1), Mumbai

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

ITA 2073/MUM/2025[2022-23]Status: DisposedITAT Mumbai06 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

For Appellant: Shri Anish Thacker &For Respondent: Shri Satya Pal Kumar, Sr.DR
Section 143(3)Section 144C(13)Section 144C(5)Section 270ASection 70Section 70(2)

such losses against capital gain computed in a similar manner as under section 48 to 55 of the act. According to section 70(3) of the act where assessee suffers long-term capital loss, assessee shall be entitled to set of such losses against long-term capital gains computed

I Shares Esg Aware Msci Em Etf, 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

ITA 2072/MUM/2025[2022-23]Status: DisposedITAT Mumbai06 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

For Appellant: Shri Anish Thacker &For Respondent: Shri Satya Pal Kumar, Sr.DR
Section 143(3)Section 144C(13)Section 144C(5)Section 270ASection 70Section 70(2)

such losses against capital gain computed in a similar manner as under section 48 to 55 of the act. According to section 70(3) of the act where assessee suffers long-term capital loss, assessee shall be entitled to set of such losses against long-term capital gains computed

Emerging Markets Equity Index Master Fund, Mumbai vs. Deputy CIT (Int. Tax)-2(2)(1), Mumbai

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

ITA 2040/MUM/2025[2022-23]Status: DisposedITAT Mumbai06 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

For Appellant: Shri Anish Thacker &For Respondent: Shri Satya Pal Kumar, Sr.DR
Section 143(3)Section 144C(13)Section 144C(5)Section 270ASection 70Section 70(2)

such losses against capital gain computed in a similar manner as under section 48 to 55 of the act. According to section 70(3) of the act where assessee suffers long-term capital loss, assessee shall be entitled to set of such losses against long-term capital gains computed

Prashant Kothari, Singapore vs. CIT A (57) Mumbai, Office of Commissioner of Appeals Mumbai

In the result, the additional ground of

ITA 5391/MUM/2024[2016-17]Status: DisposedITAT Mumbai29 May 2025AY 2016-17
Section 250

Neel Kothari, the AO observed that the assessee has shown long term capital loss in respect of these securities and in terms of Section 70(3) of the Act, the same cannot be set off against short term capital gains and will be liable to carry forward under the provisions