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

1) of the Act, disagreed with the submissions of the assessee and held that the computation of the net short- term capital gains by the assessee is not in order. The AO further held that the IT Rules have clearly defined separate columns for set-off and carry forward of gains of having differential tax rates. Accordingly, the short-term

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)

164,86,67,741 5.1. The underlying facts show that the assessee had short term capital gains on STT paid shares, short term capital loss on STT paid shares and also short term capital gains on non-STT paid shares and short term capital losses on non-STT paid shares. 6. From the chart exhibited hereinabove, it can be seen

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)

164,86,67,741 5.1. The underlying facts show that the assessee had short term capital gains on STT paid shares, short term capital loss on STT paid shares and also short term capital gains on non-STT paid shares and short term capital losses on non-STT paid shares. 6. From the chart exhibited hereinabove, it can be seen

MATRIX PARTNERS INDIA INVESTMENT HOLDINGS, LLC,MAURITIUS vs. DEPUTY COMMISSIONER OF INCOME TAX, MUMBAI

In the result the appeal filed by the assessee stands partly allowed

Bench: Smt. Beena Pillai () & Ms. Padmavathy S ()

section 90(2), the Ld. A.O. has granted the beneficial option to the applicant at the preference of the Applicant itself. 11. Treaty Provisions are applicable in re/ qua "Income" and not "sources". In this case, there has been one single species of Income, "capital gains" that too, Long Term Capital Gains. 7. To sum up, as per facts

J P TRUST,MUMBAI vs. DY COMM. OF INCOME TAX IT CIRCLE 32(1), MUMBAI

Accordingly the ground raised by the assessee in this regard is allowed

Bench: Narender Kumar Choudhry, Jm & Ms Padmavathy S, Am

1,75,56,572/- In this regard, the provision u/s 70(2) of the IT Act is relevant and reproduced below:- "(2) Where the result of the computation made for any assessment year under sections 48 to 55 in respect of any short-term capital asset is a loss, the assessee shall be entitled to have the amount of such

TEACHER RETIREMENT SYSTEM OF TEXAS,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION )-4(1)(2), MUMBAI

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

Bench: Shri Sandeep Singh Karhailshri Girish Agrawalteacher Retirement System Of Texas, C/O Ernst & Young Llp, 17Th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), ............... Appellant Mumbai - 400028 Pan: Aaatt9387R V/S Acit (It) – 4(1)(2), Kautilya Bhavan, ……………… Respondent G-Block, Bandra Kurla Complex, Mumbai - 400051 Assessee By : Shri Anish Thacker Shri Pranay Gandhi Revenue By : Shri Soumendu K. Dash, Sr.Dr

1,362,792,200) transaction subject to STT (15%) (C) Net Short-term capital gain (15%) 304,40,46,083 45,66,06,913 (B-C) Short term capital loss carried Nil forward 7. Accordingly, the AO computed the net short-term capital gains amounting to INR 47,99,29,138, as compared to the net short-term capital gains

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\nstatistical purposes

1) of the Act, disagreed with the\nsubmissions of the assessee and held that computation of the net short-\nterm capital gains by the assessee is not in order. The AO further held that\nthe IT Rules have clearly defined separate columns for set-off and carry\nforward of gains of having differential tax rates. Accordingly, the short-term\ncapital

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\nstatistical purposes

1) of the Act, disagreed with the\nsubmissions of the assessee and held that computation of the net short-\nterm capital gains by the assessee is not in order. The AO further held that\nthe IT Rules have clearly defined separate columns for set-off and carry\nforward of gains of having differential tax rates. Accordingly, the short-term\ncapital

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\nstatistical purposes

1) of the Act, disagreed with the\nsubmissions of the assessee and held that computation of the net short-\nterm capital gains by the assessee is not in order. The AO further held that\nITA No. 2072, 2040 & 2073/Mum/2025 (A.Y. 2022-23) 6\nthe IT Rules have clearly defined separate columns for set-off and carry\nforward of gains

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)

164,86,67,741 5.1. The underlying facts show that the assessee had short term capital gains on STT paid shares, short term capital loss on STT paid shares and also short term capital gains on non-STT paid shares and short term capital losses on non-STT paid shares. 6. From the chart exhibited hereinabove, it can be seen

PRIYA KAPIL TODARWAL ,MUMBAI vs. INCOME TAX OFFICER WARD, 30(1)(1), MUMBAI

In the result the appeal filed by the assessee stands allowed

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

1,02,45,891/-, Short Term Capital Gain of Rs. 6,164 and Income from other sources of Rs. 9,38,459/- 2.1 The CPC on e-filing portal proposed adjustment under section

SIR RATAN TATA TRUST,MUMBAI SUBURBAN vs. DEPUTY COMMISSIONER OF INCOME TAX (EXEMPTION)-2(1), MUMBAI

In the result, both the appeals of the assessee in both AY 2014-15 and AY

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

gains of business, the provisions of clause (iii) of this proviso shall not apply unless the trust or institution maintains separate books of account in respect of such business. (emphasis supplied) 9. The contention of the revenue is that funds of the assessee Trust that were invested before 01.03.1983 in Tata Sons Ltd which is not a modes specified

SIR RATAN TATA TRUST,MUMBAI SUBURBAN vs. ADDITIONAL /JOINT/DEPUTY/ASSISTANT COMMISSIONER OF INCOME TAX, NFAC, MUMBAI

In the result, both the appeals of the assessee in both AY 2014-15 and AY

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

gains of business, the provisions of clause (iii) of this proviso shall not apply unless the trust or institution maintains separate books of account in respect of such business. (emphasis supplied) 9. The contention of the revenue is that funds of the assessee Trust that were invested before 01.03.1983 in Tata Sons Ltd which is not a modes specified

ITO 41(3)(1), MUMBAI, MUMBAI vs. DEEPIKA ANIL AGARWAL, MUMBAI

In the result the appeal filed by the revenue stands\ndismissed

section 147, of the\nIncome-tax Act, 1961 Capital gains - Income\narising from transfer of long-term securities\n(Bogus transactions) Assessment year 2006-\n07 Assesse purchased 3000 shares of\ncompany 'T' through a stock broker These\nshares were transferred to assesses demat\naccount - However, said stock broker submitted\nbefore authorities that he was providing\naccommodation entries for taking profit

EASTSPRING INVESTMENTS INDIA EQUITY OPEN LIMITED,MAURITIUS vs. DEPUTY COMMISSIONER OF INCOME-TAX - INTERNATIONAL TAXATION CIRCLE 2(2)(1) - MUMBAI, MUMBAI

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

Bench: Ms. Padmavathy S\Nshri Sandeep Singh Karhail\Nita No.1219/Mum/2025\N(Assessment Year :2022-2023)\Neastspring Investments India Equity\Nopen Ltd.,\N3Rd Floor, 355 Nex Rue Du Savoir,\Ncybercity Ebene, Mauritius\Npan - Aadcp4503H\Nappellant\Nv/S\Ndcit (It) – 2(2)(1),\Nroom No.606, 6Th Floor,\Nkautilya Bhavan, C-41 To C-43,\Ng-Block, Bandra Kurla Complex,\Nbandra (East), Mumbai\Nmaharashtra - 400051\Nrespondent\Nassessee By : Shri Ketan Ved\Nms. Riya Shah\Nrevenue By : Shri Satya Pal Kumar, Cit(Dr)\Ndate Of Hearing – 05/05/2025\Ndate Of Order – 09/05/2025\Norder\Nper Sandeep Singh Karhail, J.M.\Nthe Assessee Has Filed The Present Appeal Against The Final Assessment\Norder Dated 27.12.2024, Passed Under Section 143(3) R.W. Section 144C(3)\Nof The Income Tax Act, 1961 (“The Act\"), Pursuant To The Directions Dated\N30.11.2024 Issued By The Learned Dispute Resolution Panel-1, Mumbai,\N(“Learned Drp”) Under Section 144C(5) Of The Act, For The Assessment Year\N2022-23.\N2. In This Appeal, The Assessee Has Raised The Following Grounds:\N“Re.: Disallowance Of Set-Off Of Brought Forward Short-Term Capital Losses\Nincurred On Equity Transactions That Were Subjected To Securities\Ntransaction Tax (Stt) Against Short Term Capital Gains On Sale Of Right\Nforms Not Subject To Stt\N1.

1) of the Act, disagreed with the submissions of the assessee\nand held that in the present case, the assessee has capital gains which are\ntaxable at 15%, whereas the assessee has opted to set off the losses having\nlower taxability with the gains of higher taxability which is not in accordance\nwith the provisions of the Act. Accordingly

UDAYAN GROVER,MUMBAI vs. NATIONAL FACELESS APPEAL CENTRE(NFAC), DELHI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleudayan Grover V. National Faceless Appeal Centre Panch Mahal Delhi Panch Sristhi Complex {Acit – 26(3), Bkc, Mumbai} Powai, Mumbai - 400072 Pan: Aclpg0572G (Appellant) (Respondent) Assessee Represented By : Shri Vimal Punmiya Department Represented By : Ms. Kavitha Kaushik

section 68 of the Act to tax the full amount recd. On sale of shares as alleged unexplained cash credit as alleged income earned from undisclosed sources where AO has concluded the same in his order, if views of AO is summarized then crux of the same is astronomical long term capital gains earned by assessee defies common sense

DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-5(4), MUMBAI, MUMBAI vs. LARSEN AND TOUBRO LTD, MUMBAI

In the result the cross appeal filed by the revenue as well as\nassessee stands dismissed

Section 48 of the Act to the extent it is relevant reads as follows:\nThe income chargeable under the head \"Capital Gains\" shall be\ncomputed, by deducting from the full value of consideration\nreceived or accruing as a result of the transfer of capital asset the\nfollowing amounts, namely:-\n(i) expenditure incurred wholly and exclusively in connection with\nsuch

EMERGING MARKETS INDEX NON LENDABLE FUND,MUMBAI vs. DCIT (INTERNATIONAL TAXATION)-2(2)(1), MUMBAI

In the result appeal of the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shrisandeep Singh Karhail, Jm A.Y.2021 – 22 Emerging Markets Index The Deputy Commissioner Of Non-Lendable Fund Income Tax (International C/O Ernst & Young Llp Taxation) – Circle –2 (2) (1) 17Th Floor 1722, 17T H Floor, Vs. The Ruby Air India Building, 29, Senapati Bapat Marg Nariman Point, Dadar (West) Mumbai – 21 Mumbai – 28 (Appellant) (Respondent) Pan Aaaae3262D Assessee By Shri Anish Thacker & Pranay Gandhi Revenue By Shri Anil Sant Additional Commissioner Of Income Tax Date Of Hearing 7 May 2024 Date Of Pronouncement 5 August 2024

Sections covered in this bracket are not concerned or prescribing any rate of tax on capital gain. This issue is squarely covered in favour of the assessee by the decision of the coordinate benches in (1) JS Capital LLC v ACIT (International Taxation)[2024] 160 taxmann.com 286 (Mumbai - Trib.) and (2) iShares MSCI EM UCITS ETF V Deputy Commissioner

INCLINE REALTY PVT LTD,MUMBAI vs. DCIT, CENTRAL CIRCLE -4(1), MUMBAI

Bench: SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

164/- under Section 36(1)(iii) of the Act stand satisfied. Therefore, deduction claimed by the Assessee under Section 36(1)(iii) of the Act should be allowed. 8. The above submissions did not find favour with the CIT(A). The CIT(A) dismissed ground raised by the Assessee challenging the disallowance of interest expenses vide order dated, 13/11/2024, holding