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

section that capital loss, after being carried forward, can be set off only against income under the head capital gains. Therefore, existence of a taxable income is a precondition for a set of ITAs No.6050, 6051 & 6774/Mum/2025 (A.Y. 2022-23 & 2023-24) 16 losses against such income. In this appeal, the gains of Rs. 26,36,44

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 that capital loss, after being\ncarried forward, can be set off only against income under the head 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

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.

44. Accordingly, we hold that capital gains arising out of the depreciable asset u/s 50 even though deem to be capital gain arising from transfer of a short term capital asset, that fiction has to be confined only to section

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

44. Accordingly, we hold that capital gains arising out of the depreciable asset u/s 50 even though deem to be capital gain arising from transfer of a short term capital asset, that fiction has to be confined only to section

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

section that capital loss, after being\ncarried forward, can be set off only against income under the head 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

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

section that capital loss, after being\ncarried forward, can be set off only against income under the head 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

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

section that capital loss, after being\ncarried forward, can be set off only against income under the head 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

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

section that capital loss, after being\ncarried forward, can be set off only against income under the head 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

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

section that capital loss, after being\ncarried forward, can be set off only against income under the head 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

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

section that capital loss, after being\ncarried forward, can be set off only against income under the head 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

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

section that capital loss, after being\ncarried forward, can be set off only against income under the head 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

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

section that capital loss, after being\ncarried forward, can be set off only against income under the head 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

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

section that capital loss, after being\ncarried forward, can be set off only against income under the head 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

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

section that capital loss, after being\ncarried forward, can be set off only against income under the head 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

ISHARES MSCI INDIA UCITS ETF,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 70 with respect to the inter-head adjustment of short-term capital gain against the short-term capital loss is irrespective of the bracket of tax rate. Therefore we direct the learned assessing officer to allow assessee to set of short-term capital gain of ₹ one core 44

ISHARES MSCI EM IMI ESG SCREENED UCITS ETF,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 70 with respect to the inter-head adjustment of short-term capital gain against the short-term capital loss is irrespective of the bracket of tax rate. Therefore we direct the learned assessing officer to allow assessee to set of short-term capital gain of ₹ one core 44

ISHARES MSCI EM UCITS ETF USD ACC,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 70 with respect to the inter-head adjustment of short-term capital gain against the short-term capital loss is irrespective of the bracket of tax rate. Therefore we direct the learned assessing officer to allow assessee to set of short-term capital gain of ₹ one core 44

ISHARES EMSC MAURITIUS CO ,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 70 with respect to the inter-head adjustment of short-term capital gain against the short-term capital loss is irrespective of the bracket of tax rate. Therefore we direct the learned assessing officer to allow assessee to set of short-term capital gain of ₹ one core 44

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 70 with respect to the inter-head adjustment of short-term capital gain against the short-term capital loss is irrespective of the bracket of tax rate. Therefore we direct the learned assessing officer to allow assessee to set of short-term capital gain of ₹ one core 44