Section 70(2) of the Income Tax Act

The decision most relied on for Section 70(2) is 292 ITR 416(SC) Galileo Nederland BV v. Assistant Director of Income-tax, Circle-i(2), (Intl. Tax), New Delhi (367 ITR 319), cited in 28 of the 34 judgments on BharatTax that turn on this section.

Leading authorities on Section 70(2)

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
JCIT v. Montgomery Emerging Marketing Funds,\n
100 ITD 217 · 2006 · ITAT
23
citing judgments
J.S. Capital LLC v. ACIT (Int. Taxation)
160 Taxmann.com 286 · 2024 · Reported
18
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
First State Investments (Hongkong) Ltd. v. DDIT
132 TTJ 218 · 2010 · ITAT
4
citing judgments
Share Aids (P) Ltd. v. ITO
124 Taxmann.com 256 · 2021 · High Court
3
citing judgments

Judgments on Section 70(2)

DIVYA DINESH ,BENGALURU vs. DCIT, CIRCLE-7(1)(1), BANGALORE

In the result appeal of the assessee is allowed

ITA 2194/BANG/2025[2019-2020]Status: DisposedITAT Bangalore24 Feb 2026AY 2019-2020

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Shri Sudheendra B.R, AdvocateFor Respondent: Shri Balusamy N, JCIT
Section 115BSection 143(1)Section 154Section 250Section 80G

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)

DCIT CC-8(4), MUMBAI, MUMBAI vs. OSCAR INFRA PRIVATE LIMITED, NAVI MUMBAI

In the result, the appeal filed by the revenue stands dismissed

ITA 847/MUM/2025[2011-12]Status: DisposedITAT Mumbai13 Oct 2025AY 2011-12

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankardcit, Cc-8(4) Vs. Oscar Infra Pvt Ltd Room No. 659, 6Th Floor, Office No. 707, 7Th Aayakar Bhavan, Mk Road Floor, Everest Nivara, Churchgate, Mumbai – Infotech Park, Plot No. 400020. D/3, Ttc Industrial Area, Midc Pan/Gir No. Aabco0152H (Applicant) (Respondent)

Section 70(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)

SABEENA SILK MILLS ,MUMBAI vs. INCOME TAX OFFICER 31(1)(1), MUMBAI

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

ITA 1508/MUM/2025[2021-22]Status: DisposedITAT Mumbai14 Aug 2025AY 2021-22

Bench: Shri Narndra Kumar Billaiya & Shri Anikesh Banerjeesabeena Silk Mills Vs Income-Tax Officer 31(1)(1), Apurva Industrial Estate, Mumbai, Majwana Road, Marol Kautilya Bhavan, Bkc, Bandra, Mumbai-400 059 Mumbai-400 051 Pan: Aabfs3210R Appellant Respondent

For Appellant: Shri H.N. MotiwalaFor Respondent: Shri Leyaqat Ali Aafaqui (SR.DR.)
Section 143(1)Section 154Section 250Section 50

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)

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT 1(1), MUMBAI

ITA 2867/MUM/2012[2006-07]Status: DisposedITAT Mumbai28 Jan 2025AY 2006-07

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and Shri Ninad Patade, CAFor Respondent: Shri Biswanath Das, CIT DR
Section 1

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RG 1(1), MUMBAI

ITA 4313/MUM/2010[2002-03]Status: DisposedITAT Mumbai28 Jan 2025AY 2002-03

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and Shri Ninad Patade, CAFor Respondent: Shri Biswanath Das, CIT DR
Section 1

ADDL CIT RG 1(1), MUMBAI vs. HDFC LTD, MUMBAI

ITA 3785/MUM/2009[2004-05]Status: DisposedITAT Mumbai28 Jan 2025AY 2004-05

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and Shri Ninad Patade, CAFor Respondent: Shri Biswanath Das, CIT DR
Section 1

EVEREST KANTO CYLINDER LTD ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CPC BENGALURU, MUMBAI

In the result, appeal of the assessee bearing ITA No

ITA 782/MUM/2024[2021-22]Status: DisposedITAT Mumbai20 Jan 2025AY 2021-22

Bench: Shri Anikesh Banerjee & Miss Padmavathy S.Everest Kanto Cylinder Ltd Vs Deputy Commissioner Of Income- 204, Raheja Centre, Free Press Tax,Circle 3(4), Mumbai Journal Marg, Nariman Point World Trade Centre 1, Cuffe Parade, Mumbai-400 021 Mumbai-400 005 Pan : Aaace30836F Appellant Respondent

For Appellant: Shri Shekhar GuptaFor Respondent: Shri Biswanath Das CIT DR
Section 143(1)Section 250Section 37(1)Section 41(2)Section 50

J P TRUST,MUMBAI vs. DY COMM. OF INCOME TAX IT CIRCLE 32(1), MUMBAI

Accordingly the ground raised by the assessee in this regard is allowed

ITA 6379/MUM/2024[2015-16]Status: DisposedITAT Mumbai20 Jan 2025AY 2015-16

Bench: Narender Kumar Choudhry, Jm & Ms Padmavathy S, Am

For Appellant: Shri B Laxmi Kanth, Sr. DR
Section 111ASection 143(1)Section 154Section 70(2)

FIDELITY ASIAN VALUES PLC, GURGAON GURGAON vs. DY COMM OF INCOME TAX, (INTL TAXT), CIRCLE-2(3)(1), MUMBAI

Accordingly the ground raised by the assessee in this regard is allowed

ITA 4748/MUM/2023[2021-22]Status: DisposedITAT Mumbai17 Jan 2025AY 2021-22

Bench: Smt Beena Pillai, Jm & Ms Padmavathy S, Am

For Appellant: Ms. Hirali Desai / Shri Hardik
Section 111ASection 115ASection 143(3)Section 70(2)

VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUNDQ,MUMBAI vs. ASSISATANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-4(3)(1), MUMBAI

In the result, appeal of the assessee is allowed

ITA 4656/MUM/2023[2021-22]Status: DisposedITAT Mumbai13 Dec 2024AY 2021-22

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Ms. Kavitha Rajagopal, Hon’Ble

For Appellant: Shri Anish Thacker & Shri Pranay Gandhi, A/RsFor Respondent: Shri Krishna Kumar, Sr. D/R
Section 143(2)Section 143(3)Section 144CSection 144C(13)Section 144C(2)Section 144C(3)Section 144C(5)Section 70Section 70(2)

ARJUN BALWANTRAI DESAI,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCEL-3(1)(1), MUMBAI

ITA 559/MUM/2023[2016-2017]Status: DisposedITAT Mumbai11 Dec 2024AY 2016-2017

Bench: Shri. Narendra Kumar Billaiya() & Shri Anikesh Banerjee ()

Section 143(3)Section 250Section 70(2)

EMERGING MARKETS INDEX NON LENDABLE FUND,MUMBAI vs. DCIT (INTERNATIONAL TAXATION)-2(2)(1), MUMBAI

In the result appeal of the assessee is partly allowed

ITA 4589/MUM/2023[2021-22]Status: DisposedITAT Mumbai05 Aug 2024AY 2021-22

Bench: Shri Prashant Maharishi, Am & Shrisandeep Singh Karhail, Jm A.Y.2021 – 22 Emerging Markets Index The Deputy Commissioner Of Non-Lendable Fund Income Tax (International C/O Ernst & Young Llp Taxation) – Circle –2 (2) (1) 17Th Floor 1722, 17T H Floor, Vs. The Ruby Air India Building, 29, Senapati Bapat Marg Nariman Point, Dadar (West) Mumbai – 21 Mumbai – 28 (Appellant) (Respondent) Pan Aaaae3262D Assessee By Shri Anish Thacker & Pranay Gandhi Revenue By Shri Anil Sant Additional Commissioner Of Income Tax Date Of Hearing 7 May 2024 Date Of Pronouncement 5 August 2024

Section 111ASection 115ASection 234ASection 234BSection 234CSection 270A

ISHARES INDIA 50 ETF (AS A SUCCESSOR TO ISHARES INDIA MAURITIUS CO (LIQUIDATED)),MUMBAI vs. DCIT (INTERNATIONAL TAX)-2(2)(2), MUMBAI

In the result, the appeals of the assessees in ITA

ITA 4602/MUM/2023[2021-22]Status: DisposedITAT Mumbai06 Jun 2024AY 2021-22

Bench: Smt Kavitha Rajagopal, Jm & Ms Padmavathy S, Am

Section 143(3)

ISHARES EMERGING MARKETS MINIMUM VOLATILITY MAURITIUS CO,MUMBAI vs. DCIT (INTERNATIONAL TAX)-2(2)(2), MUMBAI

In the result, the appeals of the assessees in ITA

ITA 4600/MUM/2023[2021-22]Status: DisposedITAT Mumbai06 Jun 2024AY 2021-22

Bench: Smt Kavitha Rajagopal, Jm & Ms Padmavathy S, Am

Section 143(3)

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