“set off of losses”

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

assessee submitted that ITAs No.6050, 6051 & 6774/Mum/2025 (A.Y. 2022-23 & 2023-24) 7 section 70 of the Act allows the assessee to set off the losses of lower taxable gains with the gains of higher taxable gains. In support of its submission, the assessee placed reliance upon several judicial pronouncements ... set-off and carry forward of gains of having differential tax rates. Accordingly, the short-term capital gain was computed by first setting off 15% loss against 15% gains, as follows: – Particulars Amount (INR) Amount (INR) (Taxable @ 15%) (Taxable @ 30%) Short-term capital gains

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

assessee submitted that ITAs No.6050, 6051 & 6774/Mum/2025 (A.Y. 2022-23 & 2023-24) 7 section 70 of the Act allows the assessee to set off the losses of lower taxable gains with the gains of higher taxable gains. In support of its submission, the assessee placed reliance upon several judicial pronouncements ... set-off and carry forward of gains of having differential tax rates. Accordingly, the short-term capital gain was computed by first setting off 15% loss against 15% gains, as follows: – Particulars Amount (INR) Amount (INR) (Taxable @ 15%) (Taxable @ 30%) Short-term capital gains

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

set-\noff and carry-forward of losses. In response, the assessee submitted that\nsection 70 of the Act allows the assessee to set off the losses of lower taxable\ngains with the gains of higher taxable gains. In support of its submission, the\nassessee placed reliance upon several judicial pronouncements ... set-off and carry\nforward of gains of having differential tax rates. Accordingly, the short-term\ncapital gain was computed by first setting off 15% loss against 15% gains, as\nfollows:\nParticulars\nAmount (INR)\nAmount (INR)\n(Taxable @ 15%) | (Taxable @ 30%)\nShort-term capital gains\n1746

JSW STEEL COATED PRODUCTS LTD (SUCCESSOR OF M/S. ASIAN COLOUR COATED ISPAT LTD),MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 5(2)(1), MUMBAI, MUMBAI

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

Bench: Smt. Beena Pillai () & Shri Makarand Vasant Mahadeokar ()

therefore carrying forward of losses is not permitted.” 8. Section 79 of the Income Tax Act, 1961 which deals with carry forward and set off of losses in case of certain companies is to the following effect: “79. Carry forward and set off of losses in case of certain companies

ACIT, CIRCLE-2(1)(1), MUMBAI vs. M/S BANK OF INDIA, MUMBAI

In the result, appeal of the revenue is dismissed

Bench: MS. SUCHITRA RAGHUNATH KAMBLE (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

those tax credits in the year in which the assessee is actually subjected to a higher tax burden on account of reduced eligible set off of losses carried forward. In this respect, relevant paragraphs from the order of the Coordinate Bench (supra) are extracted below for ready reference ... taxed abroad, and reduced from the losses carried forward) are Rs 100 crores, and the assessee has a total taxable income (before setting off the losses carried forward) of Rs 150 crores in the next year, the assessee will have only Rs 100 crores set off against that year

BANK OF INDIA,MUMBAI vs. THE ACIT-2(1)(1), MUMBAI

In the result, appeal of the revenue is dismissed

those tax\ncredits in the year in which the assessee is actually subjected to a higher\ntax burden on account of reduced eligible set off of losses carried\nforward. In this respect, relevant paragraphs from the order of the\nCoordinate Bench (supra) are extracted below for ready reference ... nutshell, AY 2013-14 is the year\nin which assessee is actually subjected to higher tax burden on account\nof reduced eligible set off of losses carried forward and as a result, it is\neligible to claim those tax credits of Rs.42.86 crores on such income of\nRs.164.84 crores. This

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

In the result, the appeal of the assessee is allowed

ncomputation of total income Part-B, it is losses carried forward is\nRs.53,86,79,186/- and no set off of losses during the year.\n\n5. As per ITR Schedule-CFL (ITR-2019-20) you have shown carried\nforward losses of Rs.3,27,30,79,767/- whereas you have ... namounting to R.s 3,03,62,15,139/- (refer the break up below)\nwere set off against losses of A.Y. 2009-10, 2012- 13 and 2013-\n14:\n\n Assessment year\nProfits/ (loss) for the\nyear\n2010-11\n10,49,98.521/-\n2011-12\n92.51,51.908/-\n2015-16\n200

RELIANCE POWER LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 15(3)(1), MUMBAI

In the result, ground of appeal raised by assessee is allowed

Bench: Shri Pawan Singh& Shri Omkareshwar Chidara(Physical Hearing) Dcit – 15(3)(1), Mumbai Reliance Power Limited Room No. 460, 4Th Floor, H-Block, 1St Floor, Dhirubhai Ambani Vs Aayakar Bhavan, M.K. Road, Knowledge City, Koperkhairane, Mumbai – 400020] Navi Mumbai-400710 [Pan: Aaacr2365L] Appellant / Revenue Respondent / Assessee Reliance Power Limited Dcit – 15(3)(1), Mumbai Room No. 460, 4Th Floor, Aayakar Reliance Centre, Ground Floor, 19 Vs Walchand Hirachand Marg, Bhavan, M.K. Road, Ballard Estate, Mumbai – 400001. Mumbai – 400020] [Pan: Aaacr2365L] Appellant / Assessee Respondent / Revenue

However, the AO disregarded such submission and treated the gain on sale of helicopter as short term capital gain for all purposes including set off of losses. Accordingly, the set off against the long term capital loss was not allowed. The ld. AR of the assessee submits that long term