Income Tax

In a recent ruling, the Mumbai Income Tax Appellate Tribunal (ITAT) in the case of iShares ESG Aware MSCI ETF, held that short-term capital loss (STCL) on securities where Securities Transaction Tax (STT) is paid can be set off against short-term capital gains (STCG) from other sources even if those gains are taxed at a […]

Background In a recent ITAT ruling, the Ahmedabad Bench of the ITAT, in the case of Reckitt Benckiser Healthcare India Private Limited (‘Company’ or ‘assessee’), addressed the issue of tax neutrality of a demerger under Section 2(19AA) of the Income-tax Act, 1961 (‘IT Act’). The Tribunal held that the assessee, being non-compliant with Section 2(19AA)(ii), […]

Background of the case In a recent ruling, the Bangalore Income-tax Appellate Tribunal (‘the Tribunal’), in the case of Buckeye Trust, examined the taxation of a discretionary trust where the trustee has discretion to add beneficiaries other than relatives of the settlor. Further, the Tribunal ruled that “interest in a partnership firm” falls within the […]

Background In a recent ruling, the Mumbai Income-tax Appellate Tribunal (“the Tribunal”), in the case of Lupin Investments Private Limited (“the Company”), examined the applicability of Section 56(2)(viia) of the Income Tax Act, 1961 (“IT Act”) to the buyback of shares by a closely held company. The Tribunal analysed whether the extinguishment of equity shares […]