The Tribunal clarified that losses determined under domestic law remain eligible for carry forward even when gains in subsequent years are exempt under a treaty. This decision reinforces the principle that taxpayers can rely on treaty provisions without jeopardising rights already established under the Income Tax Act, 1961.

The NCLAT held that the issue of settlement must be dealt with in accordance with the law by the Adjudicating Authority

The NCLAT held that the issue of settlement must be dealt with in accordance with the law by the Adjudicating Authority