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

9. erred in holding that mode of computation of capital gains should be as per the provisions of the Act and the provisions of IM treaty should be applied only to the 'net capital gain which forms part of total income; 10. failed to appreciate that as per section 90(2) of the Act, each provision of the Act should

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)

9,47,66,743 as claimed by the Appellant in the return of income. 7. Erred in levying interest under section 234C of the Act amounting to INR 43,100. Initiating penalty proceedings under section 270A of the Act. 8. Erred in initiating penalty under section 270A of the Act alleging under reporting of income by the Appellant

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)

9,47,66,743 as claimed by the Appellant in the return of income. 7. Erred in levying interest under section 234C of the Act amounting to INR 43,100. Initiating penalty proceedings under section 270A of the Act. 8. Erred in initiating penalty under section 270A of the Act alleging under reporting of income by the Appellant

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

9\n5.\nThe Assessing Officer (“AO”), vide draft assessment order dated\n24/03/2024 passed under section 144C(1) of the Act, disagreed with the\nsubmissions of the assessee and held that computation of the net short-term\ncapital gains by the assessee is not in order. The AO further held that the IT\nRules have clearly defined separate columns

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

9 raised in assessee's appeal are\nallowed for statistical purposes.\n\n41. Ground no.10, raised in assessee's appeal, pertains to the initiation of\npenalty proceedings under section 270A of the Act, which is premature in\nnature. Therefore, the said ground is dismissed.\n\n42. In the result, the appeal by the assessee is partly allowed for statistical\npurposes

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

9\n5.\nThe Assessing Officer (“AO”), vide draft assessment order dated\n24/03/2024 passed under section 144C(1) of the Act, disagreed with the\nsubmissions of the assessee and held that computation of the net short-term\ncapital gains by the assessee is not in order. The AO further held that the IT\nRules have clearly defined separate columns

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

9 raised in assessee's appeal are\nallowed for statistical purposes.\n\n41. Ground no.10, raised in assessee's appeal, pertains to the initiation of\npenalty proceedings under section 270A of the Act, which is premature in\nnature. Therefore, the said ground is dismissed.\n\n42. In the result, the appeal by the assessee is partly allowed for statistical\npurposes

MORGAN STANLEY MAURITIUS COMPANY LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-CIRCLE 3(2)(2), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2020-21 Morgan Stanley Mauritius Company Dy. Cit (International Taxation) – Ltd., Circle 3(2)(2), Vs. C/O S R B C & Associates Llp, 14Th 16Th Floor, Room No. 1615, Air India Floor, The Ruby, 29, Senapati Bapat Building Nariman Point, Marg, Dadar (West), Mumbai-400021. Mumbai-400028. Pan No. Aadcm 5927 G Appellant Respondent

section 270A of the Act for under- reporting of income. reporting of income. The Appellant craves leave to add, alter, vary, omit, substitute, amend The Appellant craves leave to add, alter, vary, omit, substitute, amend The Appellant craves leave to add, alter, vary, omit, substitute, amend or withdraw any or all of the above grounds of appeal and to submit

AAWAGAMAN MERCANTILE LLP ,MUMBAI vs. INCOME TAX OFFICER, WARD, 1(1), KOLKATA

In the result, the appeal by the assessee is allowed

Bench: Shri Amarjit Singhshri Sandeep Singh Karhailaawagaman Mercantile Llp, 204, Anand Estate, Arthur Road 189, Mumbai, Jacob Circle S.O. Mumbai - 400011 ……………. Appellant Maharashtra Pan: Abbfa0328F V/S Ito, Ward – 1(1), Aayakar Bhawan, Kolkata ……………. Respondent P-7, Chowringhee Square, Kolkata. Assessee By : Ms. Dinkle Hariya Revenue By : Shri Manoj Kumar Sinha, Sr.Dr

270A of the Act, it is evident that the penalty was levied for under-reported income which is in consequence of misreporting as the assessee failed to disallow the STT paid and offered the short-term capital gains to tax @15% instead of @30% being the short-term capital gains arrived on sale of liquid bonds. As per the assessee

FIDELITY RUTLAND SQUARE TRUST II STRATEGIC ADVISERS EMERGING MARKETS FUND ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION), MUMBAI

The appeals are partly allowed

9,77,33,796)\n174,64,01,537\n164,86,67,741\n5. 1. The underlying facts show that the assessee had short\nterm capital gains on STT paid shares, short term capital\nloss on STT paid shares and also short term capital gains\non non-STT paid shares and short term capital losses on\nnon-STT paid shares

FIDELITY RUTLAND SQUARE TRUST II STRATEGIC ADVISERS FID EMG MARKETS FUND ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION )2(3)(1), MUMBAI

9,77,33,796)\n174,64,01,537\n164,86,67,741\n\n5.1.\nThe underlying facts show that the assessee had short\nterm capital gains on STT paid shares, short term capital\nloss on STT paid shares and also short term capital gains\non non-STT paid shares and short term capital losses on\nnon-STT paid shares

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

capital gains arising from sale of shares not subjected\nSTT in the computation sheet, which is not aligned with the directions\nissued by the DRP and the impugned order;\n6. erred in not granting the credit of taxes deducted amounting to Rs.\n1,492,492.\nGround of Appeal No. 9: Initiation of penal proceedings under section\n270A

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

capital gains arising from sale of shares not subjected\nSTT in the computation sheet, which is not aligned with the directions\nissued by the DRP and the impugned order;\n6. erred in not granting the credit of taxes deducted amounting to Rs.\n1,492,492.\nGround of Appeal No. 9: Initiation of penal proceedings under section\n270A

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

capital gains arising from sale of shares not subjected\nSTT in the computation sheet, which is not aligned with the directions\nissued by the DRP and the impugned order;\n6. erred in not granting the credit of taxes deducted amounting to Rs.\n1,492,492.\nGround of Appeal No. 9: Initiation of penal proceedings under section\n270A

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 ()

270A of the Act since the Appellant has made all disclosures in the income tax return, supported by legal arguments and judicial precedents at the time of assessment. 3. Levy of tax under section 115JB of the Act (Minimum Alternate Tax ('MAT') provision) – On the facts and in circumstances of the case and in law, the learned AO has erred

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

9 gain which is not subject to securities transaction tax. Further such capital gain is also computed as per section 115AD of the act. 020. It is not the case before us that either in the computation of short-term capital gains or short-term capital loss there is any difference in the manner of computation. Therefore, short-term capital

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)

270A of the Act are initiated separately for all the issues of addition discussed above for underreporting of income.” (Emphasis Supplied) Thus, the Assessing Officer held that STCG (Non STT Paid) amounting to INR.1,92,80,432/- was taxable at the rate of 30% under Section 115AD of the Act and the STCG (STT Paid) of INR.5

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

section 270A of the act. Ground number one is general , ground number 2 and 3 not pressed, ground number 9 – 11 are consequential and ground number 12 is premature hence dismissed. 3. This leaves us with the ground number 4 – 8 of the appeal.The brief fact of the case shows that appellant is a fund organized as an Association