ADITYA BIRLA SUN LIFE AMC LIMITED,MAHARASHTRA vs. THE DEPUTY COMMISSIONER OF INCOME TAX- CIRCLE 6(1)(1), MAHARASHTRA

Bench: Shri Amit Shukla & Shri Makarand Vasant Mahadeokar1. Ita No. 6663/Mum/2025 (Assessment Year: 2017-18) 2. Ita No. 6701/Mum/2025 (Assessment Year: 2018-19) 3. Ita No. 6702/Mum/2025 (Assessment Year: 2022-23) & 4. Ita No. 6703/Mum/2025 (Assessment Year: 2023-24) Aditya Birla Sun Life Dcitcircle-6(1)(1), Amc Limited, Room No. 502, 5Th 17Th Floor, One World Vs. Floor, Aayakar Centre Tower-1, Jupiter Bhavan, M. K. Mill Compount, 841, Road, Churchgate, Senapati Bapat Marg, Mumbai-400 020 Delisle Road, S.O. Mumbai-400 013 Pan/Gir No. Aaacb6134D (Applicant) (Respondent) Assessee By Shri Ronak Doshi, Shri Shrey Agrawal & Shri Aadish Jain, Ld. Ars Revenue By Shri Surendra Mohan, Ld. Dr Date Of Hearing 27.01.2026 Date Of Pronouncement 06.02.2026

short- term capital gains but directed verification and grant of correct TDS credit and treated the interest grounds as consequential

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

gains as Rs. 4,98,08,85,87,630 in the computation sheet as against Rs. 2,37,78,64, 12,411 determined in the impugned order; 13. erred in not allowing set-off of brought forward short-term and long-term capital loss amounting to Rs. 3,19,12,67,554 and Rs. 26,50,63,39,311 ITAs

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

gains as Rs. 4,98,08,85,87,630 in the computation sheet as against Rs. 2,37,78,64, 12,411 determined in the impugned order; 13. erred in not allowing set-off of brought forward short-term and long-term capital loss amounting to Rs. 3,19,12,67,554 and Rs. 26,50,63,39,311 ITAs

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)

short term capital gains and losses and the sequence of set off adopted by it must, in our considered view, be accepted. 17. Turning to Ground numbers 6 and 7, the next issue relates to the addition of dividend income earned in respect of ADR and GDR holdings and the consequential denial of credit for tax deducted at source

ACIT 421 MUMBAI, MUMBAI CITY vs. SAMIR NARAIN BHOJWANI, MUMBAI

Appeal of the assessee is allowed for statistical purposes and the\nappeal of the revenue is dismissed

short \"CIT(A)\") under section 250 of the Income Tax Act, 1961\n(the Act) dated 18.12.2024 for Assessment Year (AY) 2022-23. The assessee and\nrevenue raised the following grounds:\nITA No. 261/Mum/2025 – Assessee\nGround I: Disallowance of Rs 3,72,00,210 under section 40(a)(ia) being 30%\nof the payment made under Consent Terms on account

SAMIR NARAIN BHOJWANI ,MUMBAI vs. DCIT 4(2)(1), MUMBAI

Appeal of the assessee is allowed for statistical purposes and the appeal of the revenue is dismissed

Bench: Shri Anikesh Banerjee, Jm & Ms Padmavathy S, Am

short "CIT(A)") under section 250 of the Income Tax Act, 1961 (the Act) dated 18.12.2024 for Assessment Year (AY) 2022-23. The assessee and revenue raised the following grounds: ITA No. 261/Mum/2025 – Assessee Ground I: Disallowance of Rs 3,72,00,210 under section 40(a)(ia) being 30% of the payment made under Consent Terms on account

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\npurposes

Short-Term Capital losses adopted\nby the Appellant\n2. erred in rejecting the hierarchy of set-off of short-term capital losses\nadopted by the Appellant and thereby, taxing the gross short-term capital\ngains in respect of transactions on the sale of shares not chargeable to\nSecurities Transaction Tax (\"STT\");\n3. failed to appreciate that income under the head

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

Short-Term Capital losses adopted\nby the Appellant\n2. erred in rejecting the hierarchy of set-off of short-term capital losses\nadopted by the Appellant and thereby, taxing the gross short-term capital\ngains in respect of transactions on the sale of shares not chargeable to\nSecurities Transaction Tax (\"STT\"):\n3. failed to appreciate that income under the head

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\npurposes

short-term\ncapital loss subjected to STT. contrary to the provisions of section 74 of the\nAct.\nArguments on merits of the Appellant's claim of set-off of long-term\ncapital loss\n7. erred in setting off the long -term capital losses brought forward from earlier\n Assessment Years amounting to Rs.32,15,64,05,787 against the current

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\npurposes

short-term\ncapital loss subjected to STT. contrary to the provisions of section 74 of the\nAct.\nArguments on merits of the Appellant's claim of set-off of long-term\ncapital loss\n7. erred in setting off the long -term capital losses brought forward from earlier\n Assessment Years amounting to Rs.32,15,64,05,787 against the current

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

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

TDS credit to Rs.236,926. Initiation of penal proceedings under section 270A of the Act 9. erred in initiating penalty under section 270A of the Act alleging misreporting of income by the Appellant." 2. The issue arising in grounds no.1 to 4, raised in assessee's appeal, pertains to the manner of set off of short-term capital loss, which

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\npurposes

Short-Term Capital losses adopted\nby the Appellant\n2. erred in rejecting the hierarchy of set-off of short-term capital losses\nadopted by the Appellant and thereby, taxing the gross short-term capital\ngains in respect of transactions on the sale of shares not chargeable to\nSecurities Transaction Tax ('STT\"): \n3. failed to appreciate that income under the head

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

short-term capital losses\nadopted by the Appellant and thereby, taxing the gross short-term capital\ngains in respect of transactions on the sale of shares not chargeable to\nSecurities Transaction Tax ('STT\").\n3. failed to appreciate that income under the head 'Capital Gains' is determined\nas per sections 45 to 55A of the Act whilst sections 111A and 115AD

VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-4(3)(1), MUMBAI

term capital gain without STT. In absence of\nany specific mode of set off provided in the Act and in absence of any\nprohibition and in absence of any specific chronology for set off\nprescribed in the Act, the assessee was entitled to exercise his option with\nregard to the chronology of set off which was most beneficial

VANGUARD TOTAL WORLD STOCK INDEX FUND ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-4(3)(1), MUMBAI

term capital gain without STT. In absence of\nany specific mode of set off provided in the Act and in absence of any\nprohibition and in absence of any specific chronology for set off\nprescribed in the Act, the assessee was entitled to exercise his option with\nregard to the chronology of set off which was most beneficial

VANGUARD EMERGING MARKETS STOCK INDEX FUND A SERIES OF VIEF,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-4(3)(1), MUMBAI

Bench: Ms Padmavathy S, Am & Shri Rahul Chaudhary, Jm

term capital gain without STT. In absence of any specific mode of set off provided in the Act and in absence of any prohibition and in absence of any specific chronology for set off prescribed in the Act, the assessee was entitled to exercise his option with regard to the chronology of set off which was most beneficial

VANGUARD EMERGING MARKETS STOCK INDEX FUND A SERIES OF vs. PLC ,MUMBAIVS.ASSISTANT COMMISSIONER OF INCOME TAX INTERNATIONAL TAXATION -4(3)(1), MUMBAI

Bench: Ms Padmavathy S, Am & Shri Rahul Chaudhary, Jm

term capital gain without STT. In absence of any specific mode of set off provided in the Act and in absence of any prohibition and in absence of any specific chronology for set off prescribed in the Act, the assessee was entitled to exercise his option with regard to the chronology of set off which was most beneficial

VFTC INSTITUTIONAL TOTAL INTERNATIONAL STOCK MARKET INDEX TRUST II,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-4(3)(1), MUMBAI

term capital gain without STT. In absence of\nany specific mode of set off provided in the Act and in absence of any\nprohibition and in absence of any specific chronology for set off\nprescribed in the Act, the assessee was entitled to exercise his option with\nregard to the chronology of set off which was most beneficial

SHRI RAJESH RAMCHANDRA DAKE,PANVEL vs. DY CIT CC-1, MUMBAI

term capital gain), hence for the sake of brevity, we are inclined to decide the present litigations on the basis of additions/issues individually.\n\n7. Coming to the 1st issue/addition of Rs.6,81,11,103/-, we observe that the Assessee, in his books of accounts for the AY under consideration, has shown an amount of Rs.6