https://www.taxtmi.com/caselaws?id=461833 The ITAT Mumbai held that brought forward capital losses cannot be set off against long-term capital gains exempt under Article 13(4) of the India-Mauritius DTAA. The tribunal ruled that section 74 requires taxable income as a precondition for loss set-off, and exempt gains cannot be considered income for this purpose. Following precedents in Swiss Finance Corporation and Goldman Sachs Investments cases, the tribunal decided in favor of the assessee, dismissing the revenue's assessment order. en-us Thu, 20 Jun 2024 00:00:00 +0530 Fri, 02 May 2025 08:53:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461833 The ITAT Mumbai held that brought forward capital losses cannot be set off against long-term capital gains exempt under Article 13(4) of the India-Mauritius DTAA. The tribunal ruled that section 74 requires taxable income as a precondition for loss set-off, and exempt gains cannot be considered income for this purpose. Following precedents in Swiss Finance Corporation and Goldman Sachs Investments cases, the tribunal decided in favor of the assessee, dismissing the revenue's assessment order. Case-Laws Income Tax Thu, 20 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461833