https://www.taxtmi.com/caselaws?id=444790 ITAT Mumbai allowed a Mauritius tax resident company to apply beneficial provisions of India-Mauritius DTAA for short-term capital gains while simultaneously carrying forward long-term capital losses under section 74 of the Income Tax Act. The tribunal held that STCG/STCL and LTCG/LTCL constitute distinct income streams, enabling taxpayers to choose between domestic law and treaty provisions for different sources under section 90(2). Following precedents including IBM World Trade Corporation, the tribunal recognized that beneficial provisions can be applied separately to each income stream rather than the entire head of income, allowing optimal tax treatment for different types of capital gains and losses. en-us Fri, 06 Oct 2023 00:00:00 +0530 Mon, 23 Oct 2023 14:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444790 ITAT Mumbai allowed a Mauritius tax resident company to apply beneficial provisions of India-Mauritius DTAA for short-term capital gains while simultaneously carrying forward long-term capital losses under section 74 of the Income Tax Act. The tribunal held that STCG/STCL and LTCG/LTCL constitute distinct income streams, enabling taxpayers to choose between domestic law and treaty provisions for different sources under section 90(2). Following precedents including IBM World Trade Corporation, the tribunal recognized that beneficial provisions can be applied separately to each income stream rather than the entire head of income, allowing optimal tax treatment for different types of capital gains and losses. Case-Laws Income Tax Fri, 06 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444790