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

gains 1746,90,89,129 62,90,458 Short-term capital loss other than NIL those covered under section 111A of the Act Short-term capital loss covered (796,57

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

57,820 instead of the returned income of Rs.8,69,44,46,360;\nMerits of the case:\nRejecting the hierarchy of set-off of Short-Term Capital losses adopted\nby the Appellant\n2. erred in rejecting the hierarchy of set-off of short-term capital losses\nadopted by the Appellant and thereby, taxing the gross short-term capital\ngains (STCG

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

57,820 instead of the returned income of Rs.8,69,44,46,360;\n\nMerits of the case:\nRejecting the hierarchy of set-off of Short-Term Capital losses adopted\nby the Appellant\n\n2. erred in rejecting the hierarchy of set-off of short-term capital losses\nadopted by the Appellant and thereby, taxing the gross short-term capital

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

57,820 instead of the returned income of Rs.8,69,44,46,360;\nMerits of the case:\nRejecting the hierarchy of set-off of Short-Term Capital losses adopted\nby the Appellant\n2. erred in rejecting the hierarchy of set-off of short-term capital losses\nadopted by the Appellant and thereby, taxing the gross short-term capital\ngains (STCG

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

57,820 instead of the returned income of Rs.8,69,44,46,360;\nMerits of the case:\nRejecting the hierarchy of set-off of Short-Term Capital losses adopted\nby the Appellant\n2. erred in rejecting the hierarchy of set-off of short-term capital losses\nadopted by the Appellant and thereby, taxing the gross short-term capital\ngains (STCG

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

57,020\n\n15. erred in levying interest under Section 234C of the Act amounting to Rs.\n357,020;\n\nInitiation of penal proceedings under section 270A of the Act\n\n16. Erred in initiating penalty under section 270A of the Act alleging\nunderreporting of income by the Appellant.”\n\n44. Ground no.1 is general in nature. Therefore, the same

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

57,820 instead of the returned income of Rs.8,69,44,46,360;\nMerits of the case:\nRejecting the hierarchy of set-off of Short-Term Capital losses adopted\nby the Appellant\n2. erred in rejecting the hierarchy of set-off of short-term capital losses\nadopted by the Appellant and thereby, taxing the gross short-term capital\ngains (STCG

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

57,820 instead of the returned income of Rs.8,69,44,46,360;\nMerits of the case:\nRejecting the hierarchy of set-off of Short-Term Capital losses adopted\nby the Appellant\n2. erred in rejecting the hierarchy of set-off of short-term capital losses\nadopted by the Appellant and thereby, taxing the gross short-term capital\ngains (STCG

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

57,820 instead of the returned income of Rs.8,69,44,46,360;\nMerits of the case:\nRejecting the hierarchy of set-off of Short-Term Capital losses adopted\nby the Appellant\n2. erred in rejecting the hierarchy of set-off of short-term capital losses\nadopted by the Appellant and thereby, taxing the gross short-term capital\ngains (STCG

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

57,820 instead of the returned income of Rs.8,69,44,46,360;\nMerits of the case:\nRejecting the hierarchy of set-off of Short-Term Capital losses adopted\nby the Appellant\n2. erred in rejecting the hierarchy of set-off of short-term capital losses\nadopted by the Appellant and thereby, taxing the gross short-term capital\ngains (STCG

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

57,820 instead of the returned income of Rs.8,69,44,46,360;\nMerits of the case:\nRejecting the hierarchy of set-off of Short-Term Capital losses adopted\nby the Appellant\n2. erred in rejecting the hierarchy of set-off of short-term capital losses\nadopted by the Appellant and thereby, taxing the gross short-term capital\ngains (STCG

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

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

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 70 of the Act does not provide any hierarchy for set-off of losses, the short-term capital loss arising from sale of shares subjected to STT can be first set-off against the short-term capital gains arising from sale of securities not subjected to STT instead of short-term capital gains arising from sale of shares subjected

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 70 of the Act does not provide any hierarchy for set-off of losses, the short-term capital loss arising from sale of shares subjected to STT can be first set-off against the short-term capital gains arising from sale of securities not subjected to STT instead of short-term capital gains arising from sale of shares subjected

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S NITIN KUMAR DINDAYAL DIDWANIA, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

capital gain at the rate of 5% that too based on the statement of Mr. Nitinkumar Didwania was made in the hands of the assessee for all those years. Accordingly, commission at the rate of 5% for assessment year 2010 – 11 to 2015 – 16 was determined at ₹ 57,514,654. It was added as unexplained expenditure under section