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

31 July 2025, issued by the Deputy Commissioner of Income Tax (International Taxation) - 2(2)(2), Mumbai ['the learned AO"] in pursuance of the directions under section 144C(5) of the Act issued by the Hon'ble DRP - I, Mumbai dated 25 June 2025 on the following grounds, each of which is without prejudice to and independent of the others

RAMESH JAISINGHANI,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -5(2), MUMBAI

In the result, appeal of the assessee is allowed

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

capital gains on listed equity shares where STT had been paid, while introducing section 55(2)(ac) to define the cost of acquisition and to protect gains accrued up to 31

TATA COMMUNICATIONS LIMITED,MUMBAI vs. PRINCIPLE COMMISSIONER OF INCOME TAX, MUMBAI

In the result, the question of law referred to the Special Bench is answered in favour of the assessee

Bench: Shri Saktijit Dey & Shri Arun Khodpiatata Communications Limited Pr. Cit, Videsh Sanchar Bhavan, Mumbai-1 Vs. M. G. Road, Fort, Mumbai-400 001 Pan/Gir No. Aaacv 2808 C (Appellant) : (Respondent) Appellant By : Shri J. D. Mistri Respondent By : Shri Ritesh Misra, Cit Dr Date Of Hearing : 25.09.2025 Date Of Pronouncement : 25.09.2025 O R D E R Per Saktijit Dey: The Present Appeal, At The Instance Of The Assessee, Assails Order Dated 21.03.2025, Passed U/S. 263 Of The Income Tax Act, 1961 (‘The Act’ For Short), By Learned Principal Commissioner Of Income Tax (‘Ld. Pcit’ For Short), Pertaining To The Assessment Year (A.Y.) 2018-19. 2. Though The Assessee Has Raised Multiple Grounds, Both On Jurisdictional Issues As Well As On Merits, However, There Is Consensus Between The Parties That The Appeal Can Be Decided On Merits, In Which Event, There Is No Need To Go Into Various Other Issues Raised In Appeal.

2) of section 50 has limited application only in the context of mode of computation of capital gains contention of sections 48 and 49 of the Act and beyond that nothing should be imported to other sections of the Act. 33. Though most of the decisions have been rendered in the context of Section 54E but the principle laid down

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

2) of section 50 has limited application only in the context of mode of computation of capital gains contention of sections 48 and 49 of the Act and beyond that nothing should be imported to other sections of the Act. 33. Though most of the decisions have been rendered in the context of Section 54E but the principle laid down

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

2) of section 50\nhas limited application only in the context of mode of computation of capital gains\ncontention of sections 48 and 49 of the Act and beyond that nothing should be\nimported to other sections of the Act.\n-. \n33. Though most of the decisions have been rendered in the context of Section 54E\nbut the principle laid

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)

2,82,24,400 [Offered to tax as STCG subject to STT and taxable as per section 115AD read with section 111A of the Act at the rate of 15%] 24. However, the Assessing Officer and DRP did not accept the Assessment Year 2022-2023 Assessee’s treatment and recomputed the assessable capital gains as under: Short-term capital gains

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)

2,82,24,400 [Offered to tax as STCG subject to STT and taxable as per section 115AD read with section 111A of the Act at the rate of 15%] 24. However, the Assessing Officer and DRP did not accept the Assessment Year 2022-2023 Assessee’s treatment and recomputed the assessable capital gains as under: Short-term capital gains

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

2) of the Act.\nThus, as per the assessee, the entire amount of long-term capital gains, i.e.,\nRs.333,85,21,896, from the sale of shares acquired prior to 01/04/2017\nshould be treated as non-taxable in India in view of the provisions of Article\n13(4) of the India-Mauritius DTAA and the long-term capital loss brought

ISHARES MSCI EM UCITS ETF USD DIST ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-2(2)(2), MUMBAI

2) of the Act.\nThus, as per the assessee, the entire amount of long-term capital gains, i.e.,\nRs.333,85,21,896, from the sale of shares acquired prior to 01/04/2017\nshould be treated as non-taxable in India in view of the provisions of Article\n13(4) of the India-Mauritius DTAA and the long-term capital loss brought

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

2) of the Act.\nThus, as per the assessee, the entire amount of long-term capital gains, i.e.,\nRs.333,85,21,896, from the sale of shares acquired prior to 01/04/2017\nshould be treated as non-taxable in India in view of the provisions of Article\n13(4) of the India-Mauritius DTAA and the long-term capital loss brought

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

2) of the Act.\nThus, as per the assessee, the entire amount of long-term capital gains, i.e.,\nRs.333,85,21,896, from the sale of shares acquired prior to 01/04/2017\nshould be treated as non-taxable in India in view of the provisions of Article\n13(4) of the India-Mauritius DTAA and the long-term capital loss brought

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

2) of the Act.\nThus, as per the assessee, the entire amount of long-term capital gains, i.e.,\nRs.333,85,21,896, from the sale of shares acquired prior to 01/04/2017\nshould be treated as non-taxable in India in view of the provisions of Article\n13(4) of the India-Mauritius DTAA and the long-term capital loss brought

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

2) of the Act.\nThus, as per the assessee, the entire amount of long-term capital gains, i.e.,\nRs.333,85,21,896, from the sale of shares acquired prior to 01/04/2017\nshould be treated as non-taxable in India in view of the provisions of Article\n13(4) of the India-Mauritius DTAA and the long-term capital loss brought

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

capital\ngains. Therefore, existence of a taxable income is a precondition for a set of\nlosses against such income. In this appeal, the gains of Rs.26,36,44,954/-.\nare admittedly exempt by virtue of article 13(4) of the treaty. The said gains,\ntherefore, cannot be termed as income for the purpose of section 74 of the\nAct

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

2) of the Act.\nThus, as per the assessee, the entire amount of long-term capital gains, i.e.,\nRs.333,85,21,896, from the sale of shares acquired prior to 01/04/2017\nshould be treated as non-taxable in India in view of the provisions of Article\n13(4) of the India-Mauritius DTAA and the long-term capital loss brought

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

2) of the Act.\nThus, as per the assessee, the entire amount of long-term capital gains, i.e.,\nRs.333,85,21,896, from the sale of shares acquired prior to 01/04/2017\nshould be treated as non-taxable in India in view of the provisions of Article\n13(4) of the India-Mauritius DTAA and the long-term capital loss brought

ISHARES MSCI INDIA UCITS ETF ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION )-2(2)(2), MUMBAI

2) of the Act.\nThus, as per the assessee, the entire amount of long-term capital gains, i.e.,\nRs.333,85,21,896, from the sale of shares acquired prior to 01/04/2017\nshould be treated as non-taxable in India in view of the provisions of Article\n13(4) of the India-Mauritius DTAA and the long-term capital loss brought

FRANK S INTERNATIONAL ITL LIMITED,MUMBAI vs. ACIT(IT), CIRCLE (2)(3)(1), MUMBAI, MUMBAI

In the result, the question of law referred to the Special Bench is answered in favour of the\nassessee

2) of section 50\nhas limited application only in the context of mode of computation of capital gains contention of\nsections 48 and 49 of the Act and beyond that nothing should be imported to other sections of the\nAct.\n33. Though most of the decisions have been rendered in the context of Section 54E but the principle\nlaid down