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2022 (4) TMI 1502 - AT - Income TaxTreaty benefit prior to computation of total income - short term and long term capital gains earned by the assessee from transfer of securities in India during the year under consideration - exemption as per Article 13 of India Mauritius treaty - setting off the short-term capital losses brought forward from earlier AYs against the net short-term capital gains earned in the current AY 2014-15 which were claimed as not chargeable to tax under the provisions of the Treat - HELD THAT:- We find that the issue in dispute is no longer res integra in view of the decision of this Tribunal in the case of Goldman Sachs Investments (Mauritius) Ltd [2020 (9) TMI 1049 - ITAT MUMBAI] as not being able to persuade ourselves to subscribe to the view taken by the A.O/DRP, who as noticed by us hereinabove had sought adjustment of the b/forward STCL against the exempt short term and long term capital gains earned by the assessee during the year in question, thus 'set aside' the order of the A.O in context of the issue under consideration. Accordingly, we direct the A.O to allow carry forward of the b/forward STCL to the subsequent years. Assessee is duly entitled for carry forward of its brought forward Long term capital losses to the subsequent years. Further, in terms of our observations and reasoning adopted for concluding that the brought forward STCL of the earlier years are not to be adjusted against the Short term capital gain earned by the assessee during the year in question, we herein direct that on the same basis the brought forward Long term capital losses of the earlier years shall not be set off against the Long term capital gain earned by the assessee from transfer of securities during the year in question i.e A.Y 2013-14. Appeal of revenue dismissed.
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