Exempt LTCG under India-Mauritius DTAA cannot be Adjusted against Taxable Losses: ITAT [Read Order]
The Tribunal noted that adjusting taxable losses against exempt gains would result in indirectly taxing exempt income, which would violate the provisions of the DTAA and Section 90(2) of the Act
By Adwaid M S - On April 18, 2025 11:09 am - 2 mins read
The Income Tax Appellate Tribunal (ITAT) Mumbai Bench has held that long-term capital gains (LTCG) exempt under the India-Mauritius Double Taxation Avoidance Agreement (DTAA) cannot be adjusted against taxable short-term or long-term capital losses incurred by the assessee. The appellant, Bay Capital India Fund Limited, a company incorporated in Mauritius and registered as a Foreign…
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