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

section 90(2) of the Act, each provision of the Act should be considered separately and therefore for determining 'total income', the income under head "Capital gains" has to be first determined considering the provisions of the Act or the treaty, whichever is more beneficial and once it is determined that the grandfathered gains are not chargeable

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

section 90(2) of the Act, each provision of\nthe Act should be considered separately and therefore for determining 'total\nincome', the income under head \"Capital gains\" has to be first determined\nconsidering the provisions of the Act or the treaty, whichever is more beneficial\nand once it is determined that the grandfathered gains are not chargeable to\ntax

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)

37. The relevant proviso of Section 55 of the Act as were applicable on the date when OFS transaction was undertaken is as under:- (2) For the purposes of sections 48 and 49, "cost of acquisition"ー 24 Ramesh Jaisinghani ………………………………………………………………………… (aa) in a case where, by virtue of holding a capital asset, being a share or any other security. within

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.

37,25,000/- on which it had earned some capital gains. On the said capital gains the assessee had also claimed that it was entitled for exemption under Section 54E of the Act. Admittedly, the asset was purchased in the year 1972 and sold sometime in the year 1989. Thus, the asset was almost 17 years old. Going

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

gain arising from transfer of a short term capital asset but the rate of tax has to be applicable in terms of section 112 of the Act, because the treatment of a short term capital asset is only a purpose of section 50 and not otherwise can convert a 'long term capital asset' into a 'short term capital asset

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

gain arising from transfer of a short term capital asset but the\nrate of tax has to be applicable in terms of section 112 of the Act, because the\ntreatment of a short term capital asset is only a purpose of section 50 and not\notherwise can convert a 'long term capital asset' into a 'short term capital asset

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)

Capital Gains 1,03,36,950 2,67,46,584 Accordingly, the Assessing Officer passed the Final Assessment Order, dated 29/01/2025, holding that STCG of INR.1,03,36,950/- was taxable at the rate of 15% under Section 115AD read with Section 111A of the Act and the balance amount of INTR.2,67,46,584/- was taxable at the rate

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)

Capital Gains 1,03,36,950 2,67,46,584 Accordingly, the Assessing Officer passed the Final Assessment Order, dated 29/01/2025, holding that STCG of INR.1,03,36,950/- was taxable at the rate of 15% under Section 115AD read with Section 111A of the Act and the balance amount of INTR.2,67,46,584/- was taxable at the rate

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. It is thus clear from the above observation from the Hon'ble Bombay\nhigh court that, income does not form part of the total income do not enter\nthe computation of the total income at all applying the above principle above\nratio to the present facts of the case the capital gains that are already exempt\nunder the DTAA

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. It is thus clear from the above observation from the Hon'ble Bombay\nhigh court that, income does not form part of the total income do not enter\nthe computation of the total income at all applying the above principle above\nratio to the present facts of the case the capital gains that are already exempt\nunder the DTAA

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

37,25,000/- on which it had earned\nsome capital gains. On the said capital gains the assessee had also claimed that it was entitled for\nexemption under Section 54E of the Act. Admittedly, the asset was purchased in the year 1972 and\nsold sometime in the year 1989. Thus, the asset was almost 17 years old. Going

M/S WF ASIAN SMALLER COMPANIES FUND LIMITED,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX INTERNATIONAL TAXATION CIRCLE 4(3)(2), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.459/Mum/2023 (निर्धारण वर्ा / Assessment Years: 2013-14) M/S. Wf Asian Smaller बिधम/ Acit, Circle-4(3)(2) Companies Fund Ltd Room No. 1611, 16Th Vs. C/O Ankul Goyal, Azb & Floor, Air India Building, Partners A8, Sector-4, Nariman Point, Mumbai- Noida 201301. 400021. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaacw5648R (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Deepak Chopra/Ankul Goyal Revenue By: Shri Soumedu Kumar Dash (Sr. Dr) सुनवाई की तारीख / Date Of Hearing: 28/03/2023 घोषणा की तारीख /Date Of Pronouncement: 23/06/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Order Passed By The Ao Dated 19.01.2023 U/S 147 R.W.S 144C(13) Of The Income Tax Act, 1961 (Hereinafter “The Act”) Pursuant To The Direction Issued By The Ld. Dispute Resolution Panel (Drp) For Ay. 2013-14. 2. The Assessee Has Raised The Legal Issue Challenging The Action Of The Ao To Have Reopened The Original-Scrutiny-Assessment U/S 143(3) Of The Act, After Four (4) Years [From The End Of The Relevant Assessment Year] Without Satisfying The Additional Condition Precedent As Prescribed In The Proviso To Section 147(1) Of The Act. Since The Assessee Has Raised The Legal Issue Assailing The Jurisdiction Of Ao To Have Issued Notice U/S 148 Of The Act, Proposing Re-Opening Of The Original Assessment [Framed Under Scrutiny Under Section 143(3) Of The Act], We Will Adjudicate It First. For Appreciating The Legal Issue, Let Us

37,766,337 from AY 2012-13; and b)Long-term capital loss of Rs 19,400,000 from AY 2010-11. 7. In accordance with the provisions of section 74, for the current year. WFASCFL has utilised its above short-term capital loss brought forward for setting-off its net short-term capital gains earned during the year amounting

TATA SONS LTD,MUMBAI vs. CIT 2, MUMBAI

In the result, appeal of the assessee is allowed

2 page\n2772, by Chaturvedi & Pithisaria wherein it has been observed\nas under:\n\"Transfers not chargeable.—It is not every transfer of a capital\nasset which attracts the charge of capital gains tax. Although\nsection 45 provides the generality of the charge, it is followed\nby several sections exonerating the charge under stipulated\ncircumstances. Section 48 provides the mode

SUKHPAL SINGH AHLUWALIA,MUMBAI vs. ITO (INTERNATIONAL TAXATION) WARD 1(1)(1), MUMBAI

In the result, appeal of assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Raj Kumar Chauhan, Jm Income Tax Officer Sukhpal Singh Ahluwalia (International Tax) Ward 6/24, Milan Building, 1(1)(1), 87, Tardeo Road, Room No.1817A, 18 Th Vs. Opp. Tardeo A C Market, Floor, Air India Building, Mumbai-400 034 Nariman Point, Mumbai-400 021 (Appellant) (Respondent) Pan No. Azupa6884D Assessee By : Shri Rashmikant C. Modi & Ms. Ketki Rajeshirke, Ars Revenue By : Shri Soumendu Kumar Sash, Dr Date Of Hearing: 18.04.2024 27.05.2024 Date Of Pronouncement :

2 is with respect to set off of the long-term capital 034. Loss Brought Forward for the year. Against the above capital gain assessee has available long term capital loss brought forward to be set off or not. The ld. DR relied up on decision of Kerala High court in 035. case of Apollo Tyres Limited [2021] 130 taxmann.com

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 234A, 234B, 234C and 234D of the Act does not apply to the Appellant.” I.T.A. No.3097/Mum/2023 A.Y. 2020-21 3 Brief facts of the case are as under: 2. The assessee is tax residence of Mauritius and filed its return of income on 10/11/2020 declaring total income at nil. The case was selected for scrutiny and notice u/s.143(2

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)

Section 111A of the Act. Thus, the Assessing Officer recomputed assessable Short Term Capital Gains as under: Short-term capital gains/ (loss) Taxable at 15% Taxable at 30% (STT paid) (Non-STT paid) Short-Term Capital Gains 7,18,24,822 1,92,80,432 Less Current year’s Short Term Capital (74,75,032) Nil Losses (STT) Less: Brought

TARUN KUMAR RATAN SINGH RATHI,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 32(1), MUMBAI

capital gain for the\npurchase of other property by paying an advance to claim\nexemption u/s 54 of the Act, inspite of the fact that there was no\nregistration of sale deed & the balance consideration amount was\nyet to be paid. The Hon'ble High Court, was of the view that if the\nconsideration received on the said property

ACIT-5(1)(1), MUMBAI vs. M/S. ESSAR SHIPPING LTD., MUMBAI

In the result, the appeal of the Revenue is allowed partly for In the result, the appeal of the Revenue is allowed partly for In the result, the appeal of the Revenue is allowed partly for statisti...

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2014-15 Acit Circle 5(1)(1), M/S Essar Shipping Ltd., R. No. 568, Aayakar Bhavan, Essar House, 11, K K Marg, Vs. M.K. Road, Mumbai-400020. Mahalaxmi, Mumbai-400034. Pan No. Aacce 3707 D Appellant Respondent

37. Section 71 provides set off of losses from one head against income from another head other than the capital against income from another head other than the capital against income from another head other than the capital gains. Thus, section 71 provides set gains. Thus, section 71 provides set-off of business loss off of business loss even from

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

gains addition, the Tribunal held that the lands sold were agricultural lands, situated beyond 8 km from the municipal limits (based on physical measurement and Google Maps evidence), and therefore not a capital asset under Section 2(14) of the Act. The Revenue's cross-objection was dismissed as infructuous.", "result": "Allowed", "sections": [ "2(14)", "10(37