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

C-43, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 ……………… Respondent Assessee by : Shri Pranav Gandhi Revenue by : Shri Satya Pal Kumar, CIT-DR Shri Krishna Kumar, Sr.DR Date of Hearing – 10/12/2025 Date of Order – 02/01/2026 O R D E R PER BENCH The present appeals have been filed by separate assessees against the separate final assessment orders passed

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

C)\nNet Short-Term Capital Gains chargeable to tax\nAmounts (in INR)\n4,60,58,240\n(1,55,58,719)\n3,04,99,521\n4,51,55,529\n7,56,55,050\n4. Thus, it was observed that as per the methodology adopted by the\nassessee for computation of the capital gains, the assessee set off the short-\nterm

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

C)\n4,51,55,529\nNet Short-Term Capital Gains chargeable to tax\n7,56,55,050\n4.\nThus, it was observed that as per the methodology adopted by the\nassessee for computation of the capital gains, the assessee set off the short-\nterm capital loss (on which STT was paid), which is taxable at 15% under\nsection 111A

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

C)\n4,51,55,529\nNet Short-Term Capital Gains chargeable to tax\n7,56,55,050\n4. Thus, it was observed that as per the methodology adopted by the\nassessee for computation of the capital gains, the assessee set off the short-\nterm capital loss (on which STT was paid), which is taxable at 15% under\nsection 111A

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

C)\n4,51,55,529\nNet Short-Term Capital Gains chargeable to tax\n7,56,55,050\n4. Thus, it was observed that as per the methodology adopted by the\nassessee for computation of the capital gains, the assessee set off the short-\nterm capital loss (on which STT was paid), which is taxable at 15% under\nsection 111A

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

C)\n4,51,55,529\nNet Short-Term Capital Gains chargeable to tax\n7,56,55,050\n4. Thus, it was observed that as per the methodology adopted by the\nassessee for computation of the capital gains, the assessee set off the short-\nterm capital loss (on which STT was paid), which is taxable at 15% under\nsection 111A

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

C)\n4,51,55,529\nNet Short-Term Capital Gains chargeable to tax\n7,56,55,050\n4.\nThus, it was observed that as per the methodology adopted by the\nassessee for computation of the capital gains, the assessee set off the short-\nterm capital loss (on which STT was paid), which is taxable at 15% under\nsection 111A

THE BOMBAY DYEING & MANUFACTURING COMPANY LTD.,,MUMBAI vs. DCIT, C--2(1), MUMBAI, MUMBAI

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

gain on conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with M/s Bombay Dyeing & Manufacturing Co. Ltd. M/s Bombay Dyeing & Manufacturing Co. Ltd. ITA Nos. 4484, 4485, 4291 & 4293/M/2019 law. The ground No.1 of the appeal

ACIT CIRCLE-2(1)(1), MUMBAI vs. M/S BOMBAY DYEING & MANUFACTURING CO. LTD. , MUMBAI

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

gain on conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with M/s Bombay Dyeing & Manufacturing Co. Ltd. M/s Bombay Dyeing & Manufacturing Co. Ltd. ITA Nos. 4484, 4485, 4291 & 4293/M/2019 law. The ground No.1 of the appeal

ACIT CIRCLE-2(1)(1), MUMBAI vs. M/S BOMBAY DYEING & MANUFACTURING CO. LTD. , MUMBAI

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

gain on conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with M/s Bombay Dyeing & Manufacturing Co. Ltd. M/s Bombay Dyeing & Manufacturing Co. Ltd. ITA Nos. 4484, 4485, 4291 & 4293/M/2019 law. The ground No.1 of the appeal

THE BOMBAY DYEING & MANUFACTURING COMPANY LTD.,,MUMBAI vs. DCIT, C--2(1), MUMBAI, MUMBAI

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

gain on conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with M/s Bombay Dyeing & Manufacturing Co. Ltd. M/s Bombay Dyeing & Manufacturing Co. Ltd. ITA Nos. 4484, 4485, 4291 & 4293/M/2019 law. The ground No.1 of the appeal

DCIT - 10 (3)(1), MUMBAI vs. NETLINK SOLUTIONS (INDIA) PVT. LTD., MUMBAI

In the result, appeal of the assessee is partly allowed and the appeal of the learned Assessing Officer is dismissed

Bench: Shri Vikas Awasthy, Jm & Shri Prashant Maharishi, Am The Dy. Commissioner Of M/S Netlink Solutions (India) Income-Tax, Pvt. Ltd. 10(3)(1), 57, Laxmi Plaza, 2Nd Floor, Room No.212, Laxmi Industrial Estate, Vs. Aayakar Bhawan, New Link Road, M.K. Road, Churchgate, Andheri West, Mumbai-400 020 Mumbai-400 069 (Appellant) (Respondent) Pan No. Aaacv3426V M/S Netlink Solutions (India) The Dy. Commissioner Of Pvt. Ltd. Income-Tax, 57, Laxmi Plaza, 10(3)(1), 2Nd Floor, Room No.212, Laxmi Industrial Estate, Vs. New Link Road, Aayakar Bhawan, Andheri West, M.K. Road, Churchgate, Mumbai-400 069 Mumbai-400 020 (Appellant) (Respondent)

c. Kuwer Industries Limited d. Secure Earth Technologies Limited ITA Nos. 2021 & 1657/Mum/2019 Netlink Solutions (I) Pvt. Ltd.; AY 15-16 In the shares of which the assessee has traded and claimed to have earned long term capital gain of 1,39,79,838/-, Short Term capital gain of Rs. 82,18,221/- and Short term capital loss

NETLINK SOLUTIONS (INDIA) LIMITED,MUMBAI vs. ACIT CIRCLE 10(3)(1), MUMBAI

In the result, appeal of the assessee is partly allowed and the appeal of the learned Assessing Officer is dismissed

Bench: Shri Vikas Awasthy, Jm & Shri Prashant Maharishi, Am The Dy. Commissioner Of M/S Netlink Solutions (India) Income-Tax, Pvt. Ltd. 10(3)(1), 57, Laxmi Plaza, 2Nd Floor, Room No.212, Laxmi Industrial Estate, Vs. Aayakar Bhawan, New Link Road, M.K. Road, Churchgate, Andheri West, Mumbai-400 020 Mumbai-400 069 (Appellant) (Respondent) Pan No. Aaacv3426V M/S Netlink Solutions (India) The Dy. Commissioner Of Pvt. Ltd. Income-Tax, 57, Laxmi Plaza, 10(3)(1), 2Nd Floor, Room No.212, Laxmi Industrial Estate, Vs. New Link Road, Aayakar Bhawan, Andheri West, M.K. Road, Churchgate, Mumbai-400 069 Mumbai-400 020 (Appellant) (Respondent)

c. Kuwer Industries Limited d. Secure Earth Technologies Limited ITA Nos. 2021 & 1657/Mum/2019 Netlink Solutions (I) Pvt. Ltd.; AY 15-16 In the shares of which the assessee has traded and claimed to have earned long term capital gain of 1,39,79,838/-, Short Term capital gain of Rs. 82,18,221/- and Short term capital loss

STATE BANK OF MYSORE,BANGALORE vs. JCIT, BANGALORE

Bench: Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

capital expenditure incurred towards rights issue 8 Grounds of Revenue's appeal Issues Ground Number General 1 Deduction under section 36(1)(viia) (connected to ground no.2 in 2 assessee's appeal). Allowing provision for Janata Deposit Collector Gratuity 3 Expenditure incurred towards right issue of shares (connected to 4 ground no.8 in assessee's appeal) State Bank of India

DY..C.I.T., BANGALORE vs. M/S STATE BANK OF MYSORE, BANGALORE

Bench: Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

capital expenditure incurred towards rights issue 8 Grounds of Revenue's appeal Issues Ground Number General 1 Deduction under section 36(1)(viia) (connected to ground no.2 in 2 assessee's appeal). Allowing provision for Janata Deposit Collector Gratuity 3 Expenditure incurred towards right issue of shares (connected to 4 ground no.8 in assessee's appeal) State Bank of India

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 ()

C)The provisions of the Act and Treaty are to be compared in respect of each source of income. Thus, it is very important to understand what constitutes 'source of income. He submitted that Hon’ble Allahabad High Court in the case of Shri Sobhag Mal Lodha vs. CIT reported in (1967) 63 ITR 424, held that; “under the same

PRASHANT KOTHARI,SINGAPORE vs. CIT A (57) MUMBAI, OFFICE OF COMMISSIONER OF APPEALS MUMBAI

In the result, the additional ground of\nappeal is allowed

C-43, G Block,\nBandra Kurla Complex,\nBandra East,\nMumbai-400051.\n(Appellant)\nPAN/GIR No. ADTPK4169L\n(Respondent)\n\nAssessee by\nShri. Gunjan Kakkad\nRevenue by\nShri. Krishna Kumar,\nSr. DR\nDate of Hearing\n03/03/2025\nDate of Pronouncement\n29/05/2025\n\nआदेश / ORDER\nPER VIKRAM SINGH YADAV (A.M):\n\nThe present appeal has been preferred by the assessee against the\nimpugned

INDIUM IV (MAURITIUS) HOLDINGS LIMITED ,MUMBAI vs. DEPUTY COMM. OF INCOME TAX (INTERNATIONAL TAXATION) 2(2)(1), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleindium Iv (Mauritius) Holdings Limited V. Dcit (International Transaction)-2(2)(1) Office 201, 2Nd Floor, Sterling Tower Room No. 1722, 17Th Floor Air India Building, Nariman Point 14 Poudriere Street, Port Louis Mumbai – 400 021 Mauritius Pan: Aacci4907P (Appellant) (Respondent)

c. The provisions of the Act, relating to set-off of long-term capital losses were claimed by the Assessee (being more beneficial) and the provisions of the IM Treaty were claimed as regards taxability of short-term capital gains.” 11. On the other hand, Ld. DR relied on the direction of the Ld. DRP and referred to the findings

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 10(38), in a pre-planned manner to evade taxes. The AO extensively relied upon the search and survey operations conducted by the Investigation Wing of the Income Tax Department in Kolkata, Delhi, Mumbai and Ahmedabad on penny stocks, which sets out the modus operandi adopted in the business of providing entries of bogus LTCG. However, the reliance placed