Assessee Can Choose Set-Off Order Most Beneficial to Them: ITAT Mumbai

Vanguard Total International Stock Index Fund Vs ACIT (ITAT Mumbai) Income-tax Appellate Tribunal (ITAT), Mumbai Bench, in a recent decision, ruled in favor of Vanguard Total International Stock Index Fund, a U.S.-based Foreign Portfolio Investor (FPI), regarding the set-off of short-term capital losses against short-term capital gains. The Tribunal’s order, dated December 13, 2024, for the Assessment Year 2021-22, overturned the assessment framed by the Assistant Commissioner of Income-tax (ACIT) and upheld the assessee’s method of loss adjustment. The core dispute revolved around...