Section 115AD of the Income Tax Act

The decision most relied on for Section 115AD is CIT v. Atul Kumar Swami (362 ITR 693), cited in 57 of the 31 judgments on BharatTax that turn on this section.

Leading authorities on Section 115AD

CIT v. Atul Kumar Swami
362 ITR 693 · 2014 · High Court
57
citing judgments

Reassessment proceedings initiated under section 147/148 are invalid if based on material already disclosed in the original return or without fresh, tangible material. The Assessing Officer must apply their mind and cannot mechanically reopen an assessment.

292 ITR 416(SC) Galileo Nederland BV v. Assistant Director of Income-tax, Circle-i(2), (Intl. Tax), New Delhi
367 ITR 319 · 2014 · High Court
28
citing judgments

The principle of consistency requires that the Assessing Officer or First Appellate Authority must follow decisions made in earlier years, unless there are good and sufficient reasons to deviate. An assessee's status should not be altered arbitrarily without assigning reasons or distinguishing facts.

Aggarwal and Modi Enterprises (Cinema Project) Co. Pvt. Ltd. v. CIT
381 ITR 469 · 2016 · High Court
28
citing judgments

The Assessing Officer must state in the reasons recorded for reopening an assessment that the appellant failed to disclose all material facts, that the AO had reasons to believe income had escaped assessment, and that there was fresh tangible material justifying the belief.

JCIT v. Montgomery Emerging Marketing Funds,\n
100 ITD 217 · 2006 · ITAT
23
citing judgments

Each transaction can be considered a separate source of income, allowing taxpayers to choose between the Income-tax Act and a Double Taxation Avoidance Agreement (DTAA) for each transaction. Section 70(2) of the Act does not prescribe an order for setting off specific short-term capital losses against specific short-term capital gains, favouring the taxpayer in interpretation.

Mahindra & Mahindra Limited v. DCIT
24 Taxmann.com 267 · 2012 · Reported
21
citing judgments
395 ITR 677 (Delhi), CIT v. Jyoti Prakash Dutta
363 ITR 625 · 2014 · High Court
19
citing judgments
DCIT v. UAG Builders Pvt. Ltd.
53 SOT 370 · ITAT
13
citing judgments
First State Investments (Hong Kong) Ltd. v. ADIT
33 SOT 26 · 2009 · ITAT
12
citing judgments
MSCI EM UCITS ETF USD ACC v. DCIT
164 Taxmann.com 56 · 2024 · ITAT
9
citing judgments
Vanguard Emerging Markets Stock Index Fund v. ACIT
172 Taxmann.com 515 · 2025 · ITAT
3
citing judgments

Judgments on Section 115AD

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

ITA 6774/MUM/2025[2023-24]Status: DisposedITAT Mumbai02 Jan 2026AY 2023-24

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

For Appellant: Shri Pranav GandhiFor Respondent: Shri Satya Pal Kumar, CIT-DR
Section 143(3)Section 144C(13)Section 144C(5)Section 70Section 70(2)

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

ITA 6051/MUM/2025[2023-24]Status: DisposedITAT Mumbai02 Jan 2026AY 2023-24

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

For Appellant: Shri Pranav GandhiFor Respondent: Shri Satya Pal Kumar, CIT-DR
Section 143(3)Section 144C(13)Section 144C(5)Section 70Section 70(2)

ISHARES MSCI ALL COUNTRY ASIA EX JAPAN ETF,MUMBAI vs. DCIT (INT. TAX)-2(2)(2), MUMBAI

ITA 6050/MUM/2025[2022-23]Status: DisposedITAT Mumbai02 Jan 2026AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

For Appellant: Shri Pranav GandhiFor Respondent: Shri Satya Pal Kumar, CIT-DR
Section 143(3)Section 144C(13)Section 144C(5)Section 70Section 70(2)

FLORIDA RETIREMENT SYSTEM ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX INTERNATIONAL TAXATION -2(3)(1), MUMBAI

The appeal stands allowed in the aforesaid terms

ITA 1866/MUM/2025[2022-23]Status: DisposedITAT Mumbai21 Nov 2025AY 2022-23

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

Section 115ASection 144Section 144CSection 234Section 234BSection 270ASection 70Section 70(2)

BCP IV INDIA PLL PTE. LTD.,SINGAPORE vs. DEPUTY COMMISSIONER OF INCOME-TAX - INT TAX CIRCLE 1(2)(2), MUMBAI / ADIT, CPC, BENGALURU , MUMBAI

In the result, both these appeals are allowed for statistical purposes

ITA 710/MUM/2025[2021-22]Status: DisposedITAT Mumbai04 Sept 2025AY 2021-22

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Anikesh Banerjee, Hon’Ble

For Appellant: & Ms. Hinal Shah, A/RsFor Respondent: Shri Krishna Kumar, Sr. D/R
Section 115ASection 143(3)Section 154Section 194LSection 251Section 90Section 90(2)

BCP IV INDIA PLL PTE. LTD.,SINGAPORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, INT TAX CIRCLE 1(2)(2), MUMBAI / ADIT, CPC, BENGALURU, MUMBAI

In the result, both these appeals are allowed for statistical purposes

ITA 709/MUM/2025[2020-21]Status: DisposedITAT Mumbai04 Sept 2025AY 2020-21

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Anikesh Banerjee, Hon’Ble

For Appellant: & Ms. Hinal Shah, A/RsFor Respondent: Shri Krishna Kumar, Sr. D/R
Section 115ASection 143(3)Section 154Section 194LSection 251Section 90Section 90(2)

ASSTT. COMMISSIONER OF INCOME TAX IT 3.1.2, KAUTILYA BHAWAN, MUMBAI vs. KUWAIT INVESTMENT AUTHORITY, MUMBAI

In the result, appeal of the Revenue is dismissed

ITA 4207/MUM/2025[2020-21]Status: DisposedITAT Mumbai26 Aug 2025AY 2020-21

Bench: Shri Saktijit Dey, Hon'Ble & Shri Girish Agrawalassessment Year: 2020-21

For Appellant: Shri Farookh V. Irani, AdvocateFor Respondent: Shri Krishna Kumar, Sr. DR
Section 115ASection 143(3)

ISHANA CAPITAL MASTER FUND ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-2(2)(1), MUMBAI

In the result the appeal filed by the assessee stands allowed

ITA 2029/MUM/2025[2022-23]Status: DisposedITAT Mumbai31 Jul 2025AY 2022-23

Bench: Smt. Beena Pillai () & Smt. Renu Jauhri ()

Section 111ASection 115ASection 143(3)Section 144C(13)Section 144C(5)Section 270ASection 274Section 70Section 70(2)

ITO, WARD-18(), NEW DELHI vs. NIVIA AGENCIES PVT. LTD., NEW DELHI

In the result, the appeal of the Revenue is dismissed

ITA 1009/DEL/2021[2002-03]Status: DisposedITAT Delhi09 Jul 2025AY 2002-03

Bench: MS. MADHUMITA ROY (Judicial Member), SHRI MANISH AGARWAL (Accountant Member)

Section 139(1)Section 142Section 143(1)Section 144Section 148Section 250(6)Section 68

MR. 3 SIGMA GLOBAL FUND ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX INT TAX CIRCLE 4(2)(1), MUMBAI

Accordingly we hold that the gain arising from the transfer of Derivatives cannot be taxed in India and the addition made in this regard stands deleted. Ground No. 1 raised by the assessee is hereb...

ITA 1130/MUM/2025[2022-23]Status: DisposedITAT Mumbai30 Jun 2025AY 2022-23

Bench: Ms Padmavathy S, Am & Shri Raj Kumar Chauhan, Jm

For Appellant: Bhaumik Goda, ARFor Respondent: Shri Krishna Kumar, Sr. DR
Section 143(3)

AMPLUS ENERGY SOLUTIONS PTE LTD,SINGAPORE vs. THE OFFICE OF THE ASSISTANT COMMISSIONER OF INCOME TAX, NEW DELHI

ITA 2417/DEL/2023[2020-21]Status: DisposedITAT Delhi25 Jun 2025AY 2020-21

Bench: Shri Anubhav Sharma & Shri Manish Agarwalassessment Year: 2020-21 Amplus Energy Solutions Pte Vs Acit, Ltd., Circle International Tax 1(1)(1), #02-00, Robinson Road, New Delhi. Singapore – 688898 Pan: Aadci8182P Assessment Year: 2021-22 Amplus Energy Solutions Pte Vs. Acit, Ltd., Malaysia, Circle International Tax 1(1)(1), Level 56, Tower-1, Petronas New Delhi. Twin Towers, Kuala Lumpur City Centre, 50088, Kuala Lumpur, Malaysia/ 6Th Floor, Emaar Mgf, The Palm Square, Golf Course Ext. Road, Sector-66, Gurgaon – 122 102. Pan: Aadci8182P (Appellant) (Respondent) Assessee By : Shri K.M. Gupta, Advocate & Ms Shruti Khimta, Ar Revenue By : Ms Ekta Jain, Cit-Dr Date Of Hearing : 05.05.2025 Date Of Pronouncement : 25.06.2025

For Appellant: Shri K.M. Gupta, Advocate &For Respondent: Ms Ekta Jain, CIT-DR
Section 115ASection 115A(1)(a)Section 143(3)Section 144CSection 194LSection 3

VANGUARD EMERGING MARKETS STOCK INDEX FUND A SERIES OF VIEIF,MUMBAI vs. ASSISATNT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-4(3)(1), MUMBAI

Appeal of the assessee is allowed

ITA 4655/MUM/2023[2021-22]Status: DisposedITAT Mumbai23 Jun 2025AY 2021-22

Bench: Ms Padmavathy S, Am & Shri Raj Kumar Chauhan, Jm

For Appellant: Shri Pranay Gandhi, AR
Section 111ASection 115ASection 143(3)Section 70

SCHWAB FUNDAMENTAL EMERGING MARKETS EQUITY ETY ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-4(2)(1), MUMBAI

ITA 2133/MUM/2025[2022-23]Status: DisposedITAT Mumbai17 Jun 2025AY 2022-23

Bench: SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER SHRI OMKARESHWAR CHIDARA (Accountant Member)

For Appellant: Shri Pranay Gandhi; Shri Lekh MehtaFor Respondent: Shri Krishna Kumar
Section 111ASection 115ASection 143(3)Section 144C(13)Section 144C(5)Section 270ASection 70Section 70(2)

EMPLOYEES RETIREMENT SYSTEM OF TEXAS ,MUMBAI vs. DY CIT (INT. TAX)-2(2)(1), MUMBAI

The appeals are partly allowed

ITA 2155/MUM/2025[2022-23]Status: DisposedITAT Mumbai13 Jun 2025AY 2022-23

Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Anish ThackarFor Respondent: Shri Satya Pal Kumar
Section 143(3)Section 144BSection 144C(13)Section 144C(5)Section 70Section 70(2)

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

ITA 2126/MUM/2025[2022-23]Status: DisposedITAT Mumbai13 Jun 2025AY 2022-23

Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Anish ThackarFor Respondent: Shri Satya Pal Kumar
Section 143(3)Section 144BSection 144C(13)Section 144C(5)Section 70Section 70(2)

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

ITA 1371/MUM/2025[2022-23]Status: DisposedITAT Mumbai23 May 2025AY 2022-23

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

For Appellant: Shri Anish ThackerFor Respondent: Shri Soumendu K. Dash, Sr.DR
Section 142(1)Section 143(2)Section 143(3)Section 144C(13)Section 144C(3)Section 144C(5)Section 234CSection 270ASection 70Section 70(2)

VANGUARD FUNDS PUBLIC LIMITED COMPANY VANG FTSE EMERGING MKTS UCITS ETF,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-4(3)(1), MUMBAI

ITA 1280/MUM/2025[2022-23]Status: DisposedITAT Mumbai23 May 2025AY 2022-23

Bench: Ms Padmavathy S, Am & Shri Rahul Chaudhary, Jm Ι.Τ.Α. No. 1277/Mum/2025 (Assessment Year: 2022-23) Vanguard Emerging Markets Stock Index Fund A Series Of Visplc, C/O Ernst & Young Llp, 14Th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai-400028. Pan: Aaccv3136B Appellant) Vs. Acit (It)-4(3)(1), Kautilya Bhavan, G Block, Bandra Kurla Complex, Maharashtra-400051. : Respondent) Ι.Τ.Α. No. 1278/Mum/2025 (Assessment Year: 2022-23) Vftc- Institutional Total International Stock Market Index Trust Ii, C/O Ernst & Young Llp, 14Th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai-400028. Pan: Aadtv1640C Acit (It)-4(3)(1), Kautilya Bhavan, G Block, Bandra Kurla Complex, Vs. Maharashtra-400051. Appellant) : Respondent) Ι.Τ.Α. No. 1279/Mum/2025 (Assessment Year: 2022-23) Vanguard Emerging Markets Stock Index Fund A Series Of Vieif, C/O Ernst & Young Llp, 14Th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai-400028. Vs. Acit (It)-4(3)(1), Kautilya Bhavan, G Block, Bandra Kurla Complex, Maharashtra-400051. Pan: Aaaty0918K Appellant) : Respondent) 2

Section 143(2)Section 143(3)

VANGUARD EMERGING MARKETS STOCK INDEX FUND A SERIES OF VIEF,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-4(3)(1), MUMBAI

ITA 1279/MUM/2025[2022-23]Status: DisposedITAT Mumbai23 May 2025AY 2022-23

Bench: Ms Padmavathy S, Am & Shri Rahul Chaudhary, Jm

Section 143(3)

GOVERNMENT OF SINGAPORE ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONL TAXATION)-2(3)(2), MUMBAI

The appeal of the assessee is dismissed as withdrawn

ITA 4515/MUM/2023[2021-22]Status: DisposedITAT Mumbai20 Feb 2025AY 2021-22

Bench: Smt. Been Pillai & Smt. Renu Jauhrigovernment Of Singapore V/S. Dcit (It) – 2(3)(2), C/O Ernst & Young Llp, बनाम Mumbai 17Th Floor, The Ruby, 29, 1711, 17Th Floor, Air Senapati, Bapat Marg, India Building, Nariman Dadar(W), Point, Mumbai-400021 Mumbai-400028 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaajg0594R Appellant/अपीलार्थी .. Respondent/प्रतिवादी

For Appellant: Ms. Danish TrangadiaFor Respondent: Shri Vinod Tanwani
Section 111ASection 112Section 112ASection 115ASection 143(3)Section 144C(13)Section 144C(5)Section 153Section 234Section 234A

NEW WORLD FUND, INC,UNITED STATES OF AMERICA vs. DEPUTY COMMISSIONER OF INCOME-TAX, (INTERNATIONAL TAXATION), 3(3)(1), MUMBAI, MUMBAI

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

ITA 4860/MUM/2024[2015-16]Status: DisposedITAT Mumbai10 Feb 2025AY 2015-16

Bench: Shri Narender Kumar Choudhry & Shri Girish Agrawalassessment Year: 2015-16

For Appellant: Shri Nitesh Joshi, AdvocateFor Respondent: Shri Preetamkumar Turerao, Sr. DR
Section 115ASection 143(3)Section 209Section 209(1)(a)Section 234CSection 250Section 74

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