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ITAT: Allows LTCL carry forward, no set-off against LTCG, ‘transaction wise’
approach as per Indo-Mauritius DTAA

Feb 05, 2025

Matrix Partners India Investment Holdings, LLC [TS-85-ITAT-2025(Mum)]

Conclusion
Mumbai ITAT holds that the Revenue erred in reducing the long term capital gains (LTCG) of Rs. 75.20 Cr
as claimed by the Assessee to Rs. 43.61 Cr after netting off the gains against long term capital losses
(LTCL) sought to be carried forward by the Assessee and computing the LTCG and LTCL on an aggregate
basis instead of a transaction wise approach by applying the India-Mauritius DTAA (DTAA) provisions on
each source of income; Directs the Revenue to allow carry forward of the LTCL of Rs. 75.20 Cr without
setting-off the LTCG, being a different source of income, claimed as exempt under Article 13(4) of the
DTAA; Takes note that the Assessee claimed the LTCG earned from sale of shares during the relevant AY
2020-21, as exempt under Article 13(4) of the DTAA and also carried forward LTCL and chose not to set it
off against the LTCG; Emphasises that Section 90(2) provides that, when the Government of India enters
into a DTAA with any other Government for granting tax relief, the provisions of the Act shall apply to the
extent these are more beneficial to the Assessee; ITAT opines that, “non-taxability of the capital gains in
India prior to 01/04/2017 cannot act to the disadvantage of the tax payer. This is because section 90(2) is
clear to mean that Government of India entered into DTAA with the Government of Mauritius, according
to which the capital gains is not taxable in India. However, the provisions of the act shall apply to the
extent they are more beneficial to the tax payer.”; Relies on Pune ITAT ruling in Patni Computers
Systems, co-ordinate bench ruling in Credit Suisse (Singapore) Co. (Mauritius), Montgomery Emerging
Market Fund wherein the distinction between 'source of income' and 'head of income' is explained and
that there can be multiple source of income under the same head of income and what is taxed by the Act
is not different source of income, independently and that income from different source is clubbed under
respective heads that are finally aggregated into the total income; Thus holds that there is no basis in
grouping long term/short term capital assets and long term and short term are different sources of
income; Thus opines that in the present case, losses earned from sale of shares and the gain earned from
sale of shares are therefore different sources of income and even under short term/long term
computation, every transaction is a different source; Refers to Jurisdictional HC judgment in M. N.
Raigi opines that, “setting off the loss suffered by the assessee from sale of shares of Maharana, against
the gains earned from sale of shares of Maharana would tantamount to taxing the gain in India which is
in violation of Article 13(3)(4) of DTAA as it stood prior to amendment”; Refers to CBDT Circular No. 22 of
1944 which provides that if the total income is a loss it has to be carry forwarded subject to the
provisions us. 24(2) of the Indian income tax act 1922 and cannot be set off against any income which
does not form part of the total income; The CBDT Circular further provides that the non resident
otherwise would not get any relief in the Indian Taxation on account of loss incurred in India; Thus directs
the Revenue to the carry forward of the loss as claimed by the Assessee;:ITAT Mum

Decision Summary
The ruling was delivered by the Division Bench of Mumbai ITAT comprising Smt. Beena Pillai, Judicial
Member and Ms. Padmavathy S, Accountant Member.

Mr. Ajit Jain and Mr. Siddhesh Choughule appeared for the Assessee and the Revenue was represented by
Mr. Krishna Kumar.

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