https://www.taxtmi.com/caselaws?id=310401 Where capital gains are exempt in India under Article 13(4) of the India-Mauritius DTAA, brought forward short-term and long-term capital losses under section 74 are not first required to be set off against those exempt gains. The Tribunal followed its earlier binding view that treaty-exempt capital gains do not attract adjustment of carried forward losses, and that losses already determined and allowed to be carried forward in an earlier assessment cannot be reopened or denied in later proceedings merely because the current year's gains are exempt. The Revenue's reliance on section 74 did not displace the treaty position, and the assessee was allowed to retain the exemption and carry forward the losses. en-us Fri, 07 Oct 2022 00:00:00 +0530 Sun, 22 Oct 2023 21:43:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310401 Where capital gains are exempt in India under Article 13(4) of the India-Mauritius DTAA, brought forward short-term and long-term capital losses under section 74 are not first required to be set off against those exempt gains. The Tribunal followed its earlier binding view that treaty-exempt capital gains do not attract adjustment of carried forward losses, and that losses already determined and allowed to be carried forward in an earlier assessment cannot be reopened or denied in later proceedings merely because the current year's gains are exempt. The Revenue's reliance on section 74 did not displace the treaty position, and the assessee was allowed to retain the exemption and carry forward the losses. Case-Laws Income Tax Fri, 07 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310401