DCIT 9(2)(2), MUMBAI vs. CREDILA FINANCIAL SERVICES P.LTD, MUMBAI

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1491/Mum/2016 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ Dcit 9(2)(2) Credila Financial Services R.No. 665A, 6 T H Floor, Private Ltd., Aayakar Bhavan, Mk Road, B-301 Citi Point, V. Mumbai-400020 Next To Kohinoor Continental Andheri Kurla Road, Andheri(E), Mumbai 400056 स्थायी ऱेखा सं./ Pan : Aaccc8789P (अपीऱाथी /Appellant) .. (प्रत्यथी / Respondent)

loss) of A.Y.2011-12 can be allowed to be carried forward to AY 2012- 13 as the shareholding pattern has remained the same.” 7.5 The learned CIT-A observed that there was no change in the shareholding pattern in the case of the assessee in A.Y 2012-13. The learned CIT(A) observed that during the appellate proceeding the assessee

DCIT, RANGE- 8(2), MUMBAI vs. M/S HOTEL LEELA VENTURE LTD., MUMBAI

In the result, the appeal filed by th

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2007-08 Asst. Commissioner Of Income M/S Hotel Leela Venture Ltd., Tax, Range 8(2), The Leela Kempinski Sahar, R. No. 216-A, Aayakar Bhavan, Vs. Andheri (East), M.K. Road, Mumbai-400059. Mumbai-400020. Pan No. Aaach 3167 J Appellant Respondent Revenue By : Mr. Rakesh Ranjan, Cit-Dr Assessee By : Mr. Prakash K. Jotwani, Adv. Date Of Hearing : 30/06/2022 Date Of Pronouncement : 10/08/2022

carry forward due to the applicability of provisions of section 79 of the Act and the applicability of provisions of section 79 of the Act and the applicability of provisions of section 79 of the Act and therefore, no such loss was available to the assessee for set off therefore, no such loss was available to the assessee

BAY CAPITAL INDIA FUND LIMITED,MAURITIUS vs. ASSISTANCE COMMISSIONER OF INCOME TAX, AIR INDIA, NARIMAN POINT, MUMBAI

In the result, the appeal of the assessee bearing ITA No

Bench: Shri Narendra Kumar Billaiya & Shri Anikesh Banerjee

section 74 of the Act which deal with carry forward and set off of these losses. 29. In so far as reliance placed by Ld. DR in the case of R. M. Muthaiah (supra), the Hon’ble Court has clearly held as under:- “When a power is specifically recognized as vesting in one, exercise of such a power by others

VIACOM 18, MEDIA PVT LTD ,MUMBAI vs. PCIT-8, MUMBAI

In the result, the appeal of the assessee is allowed

68,43,712\n2015-16\n0\n0\nm\n2016-17\n327,30,79,767 0\n327,30,79,767\n2017-18\n284,72,69,524\n0\n284,72,69,524\n2018-19\n63,45,24,113\n0\n63,45,24,113\nTotal losses of earlier\nyear b/f (A)\n1043,32,46,028\n303,62,15,139\n739

EDIL COMMODITIES LTD,MUMBAI vs. DCIT CIR 3(1), MUMBAI

In the result, these appeals by the assessee stands partly allowed

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं./I.T.A. No.3426/Mum/2016 ("नधा"रण वष" / Assessment Year: 2011-12) M/S. Edel Commodities Limited Dy. Cit, Circle 3(1), बनाम/ Edelweiss House, Off Cst Road, Mumbai Vs. Kalina, Santacruz, Mumbai-400 098 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aacce 0323 K (Assessee) (Revenue) : & आयकर अपील सं./I.T.A. No.3576/Mum/2016 ("नधा"रण वष" / Assessment Year: 2011-12) Acit – 3(1)(2), M/S. Edel Commodities Limited बनाम/ Room No. 607, 6Th Floor, Edelweiss House, Off Cst Road, Aayakar Bhavan, Mumbai-400 020 Kalina, Santacruz, Mumbai-400 098 Vs. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aacce 0323 K (Revenue) : (Assessee) अपीलाथ" क" ओर से / Appellant By : Shri Vijay Mehta ""यथ" क" ओर से/Respondent By : Shri Ram Tiwari सुनवाई क" तार"ख / : 22.01.2018 Date Of Hearing घोषणा क" तार"ख / : 06.04.2018 Date Of Pronouncement आदेश / O R D E R Per Shamim Yahya, A. M.: These Are Cross Appeals By The Assessee & The Revenue Arising Out Of The Order Of The Ld. Commissioner Of Income Tax (Appeals) Dated 15.2.2016 & Pertain To The Assessment Year 2011-12. M/S. Edel Commodities Limited Assessee’S Appeal

Section 73 effects complete segregation of speculation losses, which stand distinct and separate and can be mixed for set off purpose, only with speculation profits. The said circular of the Board (which has been held by the Hon’ble High Court to be still holding the field) provide that if speculation losses for earlier years are carried forward

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

carry forward of the loss as claimed by the assessee.” ITAs No.6050, 6051 & 6774/Mum/2025 (A.Y. 2022-23 & 2023-24) 23 27. Therefore, from a careful perusal of these decisions, it is evident that all the submissions of the Revenue, raised in the instant appeal, have already been considered by the Co-ordinate Benches. Thus, respectfully following the decisions

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

carry forward of the loss as claimed by the assessee.” ITAs No.6050, 6051 & 6774/Mum/2025 (A.Y. 2022-23 & 2023-24) 23 27. Therefore, from a careful perusal of these decisions, it is evident that all the submissions of the Revenue, raised in the instant appeal, have already been considered by the Co-ordinate Benches. Thus, respectfully following the decisions

ASIA INVESTMENT CORPORATION (MAURITIUS) LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INT TAXATION)1(1)(2), MUMBAI

In the result the appeals filed by the assessee for both the years under consideration stands partly allowed

Bench: Smt. Beena Pillai () & Ms. Padmavathy S ()

loss from an exempt source can either be allowed to be set-off has to be allowed to be carry forward and absorbed against income in subsequent years. 5.3 In the present fact of the case, it has been proved beyond doubt that the shares of the alleged companies have been purchased by the assessee through proper banking channels

ASIA INVESTMENT CORPORATION (MAURITIUS ) LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INT TAX)-1(1)(2), MUMBAI

In the result the appeals filed by the assessee for both the years under consideration stands partly allowed

Bench: Smt. Beena Pillai () & Ms. Padmavathy S ()

loss from an exempt source can either be allowed to be set-off has to be allowed to be carry forward and absorbed against income in subsequent years. 5.3 In the present fact of the case, it has been proved beyond doubt that the shares of the alleged companies have been purchased by the assessee through proper banking channels

APOLLO FINVEST (INNDIA) LTD.,MUMBAI vs. ACIT 9 (1), MUMBAI

In the result, the appeal of the assessee is allowed for statistical purposes in the terms aforesaid

Bench: Shri Vikas Awasthy () & Shri N.K. Pradhan () Assessment Year: 2005-06

section 70 & 74 by Finance Act, 2002, carry forward loss was only capital loss without any distinction between short term and long term is not falling within the directions of ITAT under its order without properly appreciating the fact that all the grounds of appeal including additional ground was set aside for adjudication under ITAT order. 3. Ld.CIT(A) failed

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 ()

carried forward without setting off against the Long-term capital gain of Rs. 31,59,01,013/-. In support the assessee relied on following decisions: • decision of Hon’ble Supreme Court in case of CIT vs. P.K.K Kochammu Amma Peroke reported in (1980)125 ITR 624 • decision of coordinate bench of this Tribunal in case of GK Rammurti vs. JCIT

WADHWA & ASSOCIATES REALTORS P.LTD,MUMBAI vs. ASST CIT 9(3), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: D.T. Garasia & Shri N. K. Pradhanassessment Year: 2012-13 M/S. Wadhwa & Associates Asst. Commissioner Of Income Realtors Private Limited Tax 9(3) 301, 3Rd Floor, Platina, Mumbai. Plot C-59, G Block, Vs. Bandra Kurla Complex, Bandra East, Mumbai - 400051 Pan:Aaacw5273G (Appellant) (Respondent) Present For: Assessee By : Shri Jitendra Jain, Advocate & Shri Mahesh O. Rajora, Ca Revenue By : Shri Abhijit Patankar Date Of Hearing : 29.01.2018 Date Of Pronouncement : 14.02.2018 O R D E R

forward and set off of losses in case of start up companies and there also the emphasis is on holding of the shares carrying voting power and not voting power being beneficially held as used in section 79(a). 19. The phrase "beneficially held" in section 79(a) goes with the voting power and not with the shareholding. However, clause

M/S JR FIBER GLASS INDUSTRIES PVT LTD,MUMBAI vs. NATIONAL FACELESS APPEAL CENTRE, MUMBAI

In the result, the appeal of the assessee is allowed

carried\nout in the year 2015 and with the passage of time (six years), there\nmay be change in address and that might be the reason for return of\nnotices, which cannot be the sole ground to doubt the share subscribers\nand their investment made (share-capital/premium) as unexplained.\nThe Ld. AR pointed out that all seven share subscribers

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

carry forward of the b/forward STCL\nof Rs. 3926,36,70,910/- to the subsequent years.\n27. Therefore, from a careful perusal of these decisions, it is evident that\nall the submissions of the Revenue, raised in the instant appeal, have already\nbeen considered by the Co-ordinate Benches. Thus, respectfully following the\ndecisions of the Co-ordinate Bench

OWENS -CORNING (INDIA) P.LTD, MUMBAI vs. CIT 7, MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am M/S. Owens-Corning (India) Vs. The Commissioner Of Pvt. Ltd., (Formerly Known Income Tax-7 As Owens Corning ((India) Mumbai Ltd., Aayakar Bhavan Alpha Building, 7Th Floor Maharshi Karve Road Hiranandani Gardens Mumbai – 400 020 Powai, Mumbai – 400706 Pan/Gir No. Aaaco1739M (Appellant) .. (Respondent)

68,701/-. Later this assessment was sought to be revised by the ld. Administrative CIT on the ground that there were errors in the adjustment of brought forward losses with the book profits while computing the income u/s.115 JB of the Act. The assessee furnished the entire details of cash loss as well as depreciation loss as per its books

TATA MOTORS LTD,MUMBAI vs. DCIT LTU 2, MUMBAI

In the result, appeal of the assessee is allowed

carry forward of losses as per Chapter VI of the Act. Section 71 tailing under Chapter VI of the Act provides for set-off of Business Loss against Income from Other Sources including dividend income. Section 71 of the Act docs not provide any restriction on set-off of Business Loss against such dividend income taxable

CREDIT SUISSE (SINGAPORE ) LIMITED ,SINGAPORE vs. COMMISSIONER OF INCOME TAX (INTERNATIONAL TAX), MUMBAI-2

In the result, appeals by the assessee for 2016-17 and 2017-18 are allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं. 1007/मुं/2022 ("न.व.2016-17) आअसं. 1008/मुं/2022 ("न.व.2017-18) Credit Suisse (Singapore) Limited, C/O. Delloite Haskins & Sells Chartered Accountants Llp, 30Th Floor, Tower 3, One International Centre, Senapati Bapat Marg, Elphinstone Road (West), Mumbai 400 013 Pan: Aaccc-7328-N ...... अपीलाथ"/Appellant बनाम Vs. Commissioner Of Income Tax (International Taxation) Mumbai-2, 1706, 17Th Floor, Air India Building, ...... ""तवाद"/Respondent Nariman Point, Mumbai 400 038

68 of the paper book). The CIT without considering submissions of the assessee passed the impugned order holding that income under the head capital gains would be inclusive of all capital gains and losses as permissible under the Act, the assessee cannot selectively take the benefit of tax treaty and no losses will be selectively allowed to be carry forward

CREDIT SUISSE (SINGAPORE ) LIMITED ,SINGAPORE vs. COMMISSIONER OF INCOME TAX (INTERNATIONAL TAX), MUMBAI-2

In the result, appeals by the assessee for 2016-17 and 2017-18 are allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं. 1007/मुं/2022 ("न.व.2016-17) आअसं. 1008/मुं/2022 ("न.व.2017-18) Credit Suisse (Singapore) Limited, C/O. Delloite Haskins & Sells Chartered Accountants Llp, 30Th Floor, Tower 3, One International Centre, Senapati Bapat Marg, Elphinstone Road (West), Mumbai 400 013 Pan: Aaccc-7328-N ...... अपीलाथ"/Appellant बनाम Vs. Commissioner Of Income Tax (International Taxation) Mumbai-2, 1706, 17Th Floor, Air India Building, ...... ""तवाद"/Respondent Nariman Point, Mumbai 400 038

68 of the paper book). The CIT without considering submissions of the assessee passed the impugned order holding that income under the head capital gains would be inclusive of all capital gains and losses as permissible under the Act, the assessee cannot selectively take the benefit of tax treaty and no losses will be selectively allowed to be carry forward

B E BILLIMORIA & CO LTD.,MUMBAI vs. PR. CIT , CITY -1, MUMBAI

In the result, appeal is allowed

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

68,58,22,875. Subsequently, the assessee filed a revised return of income on 31st March 2014, declaring current year loss of ` 47,73,22,997. The assessment in case of the assessee was competed under section 143(3) of the Act vide order dated 21st December 2016, accepting the current year loss of ` 47,73,22,997, as shown