Held that the assessee having chosen the benefit of Indo-Mauritius DTAA in the relevant assessment year, the income from capital gains is not taxable in India as per Art 13(4) of the DTAA, therefore the Capital losses which have been brought forward from earlier years have to be carried forward to the subsequent years without setting off the same against the capital gains of the relevant assessment year. (AY. 2016-17)
ACIT v. J.P. Morgan India Investment Co. Mauritius Ltd (2022) 220 TTJ 281// 219 DTR 1 / (2023) 198 ITD 392 (Mum) (Trib)
S. 74 : Losses-Capital gains-Carry forward and set off by non-Resident-Capital losses which have been brought forward from earlier years have to be carried forward to the subsequent years without setting off the same against the capital gains of the relevant assessment year-DTAA-India-Mauritius. [S. 90, Art. 13(4)]