Grandfathered capital gain as per Article 13(4) not to be adjusted against long-term capital loss

iShares Core MSCI Emerging Markets ETF Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that long-term capital gains earned from the transactions, which are grandfathered as per the provisions of Article 13(4) of the India-Mauritius DTAA, doesn’t form part of total income hence cannot be adjusted against the brought forward long-term capital loss incurred by the assessee. Accordingly, order set aside.

Facts- The assessee is a company incorporated in Mauritius, and is registered with the Securities and Exchange Board of India as a Foreign Portfolio Investor. During

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