ITAT ruled on long-term capital gains from unlisted shares under ...

Foreign Company Can Carry Forward Long-Term Capital Losses Without Offsetting Against DTAA-Exempt Gains Under Section 74

February 10, 2025

Case Laws Income Tax AT

ITAT ruled on long-term capital gains from unlisted shares under India-Mauritius DTAA, specifically addressing loss carry-forward without offsetting against capital gains. The tribunal determined that long-term and short-term capital assets represent distinct income sources. Capital gains exempt under DTAA cannot enter Indian income computation. The loss from Maharana shares sale cannot be offset against gains from same company's shares as it would violate DTAA Article 13(3)(4). Following CBDT Circular No. 22/1944, ITAT directed allowing carry-forward of long-term capital loss under Section 74, preserving non-resident's right to claim future relief for losses incurred in India, without mandatory offset against DTAA-exempt gains.

View Source

← Previous Next →

ITAT ruled on long-term capital gains from unlisted shares under ...

Foreign Company Can Carry Forward Long-Term Capital Losses Without Offsetting Against DTAA-Exempt Gains Under Section 74

February 10, 2025

Case Laws Income Tax AT

You may also like:

Regarding long-term capital gain determination, indexed cost of acquisition claimed by assessee at Rs. 45 lakhs for property valued over Rs. 45 lakhs, evidenced by...

Denial of carry forward of long term capital loss - When the he taxed the difference in amount under short term capital gain and also disallowed short term capital loss...

The assessee, a Foreign Portfolio Investor registered in India, entered into Forward Foreign Exchange Contracts (FCC) with HDFC Bank to safeguard against foreign...

Setting off the long term capital loss arising on sale of shares not subject to STT against long term capital gain arising from sale of Shares subjected to STT exempt...

Non setting off the short term capital gain against long term capital loss brought forward - There is merit in the contentions of the appellant that prior to amendment...

Transfer of capital asset by a company to its subsidiary company - Long term capital gain v/s long term capital loss - transaction cannot be regarded as transfer u/s...

Revision u/s 263 by CIT - Wrong claim of carry forward of long term capital loss - the long term capital gain, which is exempted under section 10(38) of the Act, would...

Carried forward of loss determined under section 74 read with section 80 - long-term capital loss - As the assessee filed its original return declaring the positive...

Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

Set off of brought forward business loss and brought forward long term capital loss - capital gains computed u/s 50 is be deemed to be short-term capital gains and this...

Carry forward of long term capital loss incurred on sale of listed securities while claiming exemptions u/s 10(38) on profits - AO directed to assess the long term...

Set off and carried forward of long-term capital loss against the long-term capital gain - if the loss arising in the previous year was under a head not chargeable to...

Determination and carry forward of long term capital loss in respect of shares held in Mahindra Shubhlabh Services Ltd., arising upon reduction in share capital by that...

Disallowance of set off of brought forward loss from transfer of short-term capital asset against gains arising from transfer of long-term capital asset - provisions of...

Set off the business losses against the capital gains u/s 71 - The assessee in the return of income did not set off the business loss against the short term capital gain....

Quick Updates: