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 143(3) r.w.s. 144C of the Act,\nwithout affixing digital signature in accordance with CBDT Instruction No.\n8/2017 dated 29 September 2017, CBDT Instruction No. 1/2018 dated 12\nFebruary 2018 and dated 16 February 2018; thereby making it invalid and\nunenforceable.\nGround of Appeal Nos. 3 7: Rejecting the hierarchy of set-off of\nShort-Term Capital losses adopted

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 143(3) r.w.s. 144C of the Act, without affixing digital signature in accordance with CBDT Instruction No. 8/2017 dated 29 September 2017, CBDT Instruction No. 1/2018 dated 12 February 2018 and dated 16 February 2018; thereby making it invalid and unenforceable. Ground of Appeal Nos. 3 - 7: Rejecting the hierarchy of set-off of Short-Term Capital losses adopted

RELIANCE POWER LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 15(3)(1), MUMBAI

In the result, ground of appeal raised by assessee is allowed

Bench: Shri Pawan Singh& Shri Omkareshwar Chidara(Physical Hearing) Dcit – 15(3)(1), Mumbai Reliance Power Limited Room No. 460, 4Th Floor, H-Block, 1St Floor, Dhirubhai Ambani Vs Aayakar Bhavan, M.K. Road, Knowledge City, Koperkhairane, Mumbai – 400020] Navi Mumbai-400710 [Pan: Aaacr2365L] Appellant / Revenue Respondent / Assessee Reliance Power Limited Dcit – 15(3)(1), Mumbai Room No. 460, 4Th Floor, Aayakar Reliance Centre, Ground Floor, 19 Vs Walchand Hirachand Marg, Bhavan, M.K. Road, Ballard Estate, Mumbai – 400001. Mumbai – 400020] [Pan: Aaacr2365L] Appellant / Assessee Respondent / Revenue

capital gain and brought the same to tax. 6. Aggrieved by the additions in the assessment order, the assessee filed appeal before ld. CIT(A). Before ld. CIT(A), the assessee filed detailed written submission against both the additions. The submission of assessee on disallowance under section 14A are recorded on page no. 9 to 29

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.

gain arisen in terms of section 50 was allowed to be set 10 Tata Communications Limited vs. Pr. CIT off against long term capital loss. This judgment again clarifies the interpretation of section 50 and concept of a long term capital asset. 29

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 arisen in terms of section 50 was allowed to be set off against long term capital loss. This judgment again clarifies the interpretation of section 50 and concept of a long term capital asset. 29

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)

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/ (loss) Taxable at 15% Taxable at 30% (STT paid) (Non-STT paid) Short-Term Capital Gains 1,29

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)

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/ (loss) Taxable at 15% Taxable at 30% (STT paid) (Non-STT paid) Short-Term Capital Gains 1,29

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

gains from the part of the total income under section 4 of the Act. Consequently, the AO computed the balance long-term capital loss to be\ncarried forward, amounting to Rs.2316,78,17,415 as against Rs.\n\n2650,63,29

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

gains from the part of the total income under section 4 of the Act. Consequently, the AO computed the balance long-term capital loss to be\ncarried forward, amounting to Rs.2316,78,17,415 as against Rs.\n2650,63,29

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

gains from the part of the total income under section 4 of the Act.\nConsequently, the AO computed the balance long-term capital loss to be\ncarried forward, amounting to Rs.2316,78,17,415 as against Rs.\n27\nITAs No. 2085, 2134, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154/Mum/2025 28\n2650,63,29

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

gains from the part of the total income under section 4 of the Act.\nConsequently, the AO computed the balance long-term capital loss to be\ncarried forward, amounting to Rs.2316,78,17,415 as against Rs.\n2650,63,29

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

gains from the part of the total income under section 4 of the Act. Consequently, the AO computed the balance long-term capital loss to be\ncarried forward, amounting to Rs.2316,78,17,415 as against Rs.\n2650,63,29

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

gains from the part of the total income under section 4 of the Act. Consequently, the AO computed the balance long-term capital loss to be\ncarried forward, amounting to Rs.2316,78,17,415 as against Rs.\n2650,63,29

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

gains from the part of the total income under section 4 of the Act.\nConsequently, the AO computed the balance long-term capital loss to be\ncarried forward, amounting to Rs.2316,78,17,415 as against Rs.\n\n2650,63,29

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

gains from the part of the total income under section 4 of the Act.\nConsequently, the AO computed the balance long-term capital loss to be\ncarried forward, amounting to Rs.2316,78,17,415 as against Rs.\n2650,63,29

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

gains from the part of the total income under section 4 of the Act.\nConsequently, the AO computed the balance long-term capital loss to be\ncarried forward, amounting to Rs.2316,78,17,415 as against Rs.\n28\nITAs No. 2085, 2134, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154/Mum/2025 28\n2650,63,29

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

gains from the part of the total income under section 4 of the Act.\nConsequently, the AO computed the balance long-term capital loss to be\ncarried forward, amounting to Rs.2316,78,17,415 as against Rs.\n2650,63,29

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 74(1)will require (i). a Morgan Stanley Mauritius Company Ltd. Morgan Stanley Mauritius Company Ltd. 8 loss which arises as the net result of computation under the head loss which arises as the net result of computation under the head loss which arises as the net result of computation under the head "Capital Gains"; and (ii). to "income

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

In the result appeal of the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

section 11A of the act of ₹ 66,046,350 which is chargeable to tax at the rate of 15%. Assessee has also short-term capital gain which is chargeable to tax at the rate of 30% of ₹ 3,405,574/–. Thus the assessee has earned total short-term capital gain