Assesses, a FII based in Mauritius, had claimed short-term and long-term capital gains from transfer of securities in Indian market as exempt under Article 13 of Indo-Mauritius DTAA . Assessee also claimed to carry forward capital losses which were brought forward from earlier years to subsequent years .Assessing Officer\u00a0 held that\u00a0 when capital gain arising to assessee was not taxable in India, capital loss would also be exempted and assessee could not claim carry forward of said capital losses.\u00a0 .\u00a0 DRP\u00a0 directed the Assessing Officer to allow carry forward of the short term capital gains\u00a0\u00a0 brought forward from the preceding years\u00a0 \u00a0\u00a0Tribunal held that\u00a0 Assessing Officer was not justified in holding that capital losses brought forward from earlier years, pertaining to a source of income that was exempt from tax was not to be carried forward to subsequent years and thus, assessee was duly entitled for carry forward of its brought forward capital losses to subsequent years . brought forward short term\u00a0 and Long term capital gains\u00a0 of earlier years were not to be adjusted against exempt short term capital gain and Long-term capital gain earned by assessee from transfer of securities during year in question .\u00a0 (AY. 2013 -14\u00a0 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 74 : Losses – Capital gains \u2013 Carried forward losses- Capital losses brought forward from earlier years pertaining to source of income that was exempt from tax was allowed to be carried forward to subsequent years- DTAA- India \u2013 Mauritius [ S.9(1)(i), 74(1)(a), 90(2) ,144C(5),Art . 13 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-21018","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-5t0","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/21018","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=21018"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/21018\/revisions"}],"predecessor-version":[{"id":21019,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/21018\/revisions\/21019"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=21018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=21018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=21018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}