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ITAT ruled that capital gains from shares acquired before 01/04/2017 by a Mauritius resident are exempt under India-Mauritius DTAA Article 13(3)/(4), being taxable only in the state of residence. The AO's action of netting off post-2017 losses against pre-2017 gains was incorrect. The tribunal held that pre-2017 gains remain fully exempt per original DTAA provisions, while losses from shares acquired post-01/04/2017 can only offset future gains from post-2017 acquisitions. The carried forward losses from AY 2020-21 cannot be set off against exempt foreign income but must be preserved for future eligible gains. The assessee's appeal was allowed, maintaining separation between pre and post-2017 DTAA treatment.
ITAT ruled that capital gains from shares acquired before 01/04/2017 by a Mauritius resident are exempt under India-Mauritius DTAA Article 13(3)/(4), being taxable only in the state of residence. The AO's action of netting off post-2017 losses against pre-2017 gains was incorrect. The tribunal held that pre-2017 gains remain fully exempt per original DTAA provisions, while losses from shares acquired post-01/04/2017 can only offset future gains from post-2017 acquisitions. The carried forward losses from AY 2020-21 cannot be set off against exempt foreign income but must be preserved for future eligible gains. The assessee's appeal was allowed, maintaining separation between pre and post-2017 DTAA treatment.
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