ITAT allows Set Off Short-Term Capital Losses Against Gains Regardless of STT or Tax Rates

iShares MSCI EM UCITS ETF USD ACC Vs DCIT (ITAT Mumbai) In a significant ruling that clarifies the rules surrounding the set-off of capital losses, the Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has largely sided with iShares MSCI EM UCITS ETF (referred to as “iShares” or “the assessee”) in its various appeals against the Deputy Commissioner of Income Tax (International Taxation) – 2 (2) (2) (DCIT). The core of the dispute revolved around the assessee’s right to set off short-term capital losses against short-term capital gains, particularly when these ...