IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER ITA No.6051/MUM/2025 (Assessment Year: 2023-24)

iShares Core MSCI Emerging Markets ETF (As a successor to iShares Core Emerging Markets Mauritius Company)

C/o Ernst & Young LLP, 17^th Floor, The Ruby, 29, Senapati Bapat Marg, ............... Appellant Dadar (West), Mumbai - 400028 PAN : AAFCI3337N v/s Deputy Commissioner of Income Tax (International Tax) - 2(2)(2)

Room No.606, 6^th Floor, Kautilya Bhavan, C-41 to C-43, G-Block, Bandra Kurla Complex, ……………… Respondent Bandra (East), Mumbai – 400051 ITA No.6050/MUM/2025 (Assessment Year: 2022-23)

iShares MSCI All Country ASIA Ex Japan ETF C/o Ernst & Young LLP, 17^th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai - 400028 PAN : AABTI7439L ............... Appellant v/s Deputy Commissioner of Income Tax (International Tax) - 2(2)(2)

Room No.606, 6^th Floor, Kautilya Bhavan, C-41 to C-43, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 ……………… Respondent ITA No.6774/MUM/2025 (Assessment Year: 2023-24)

iShares Core MSCI Total International Stock ETF (As a successor to iShares Core Total International Stock Mauritius Company)

C/o Ernst & Young LLP, 17^th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai – 400028 ............... Appellant PAN : AABTI9328N v/s Deputy Commissioner of Income Tax (International Tax) - 2(2)(2)

Room No.606, 6^th Floor, Kautilya Bhavan, C-41 to C-43, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 ……………… Respondent Assessee by : Shri Pranav Gandhi Revenue by : Shri Satya Pal Kumar, CIT-DR Shri Krishna Kumar, Sr.DR Date of Hearing – 10/12/2025 Date of Order – 02/01/2026

O R D E R

PER BENCH The present appeals have been filed by separate assessees against the separate final assessment orders passed under section 143(3) read with section 144C(13) of the Income Tax Act, 1961 (“the Act”), pursuant to the separate directions issued by the learned Dispute Resolution Panel-1, Mumbai (“learned DRP”) under section 144C(5) of the Act.

2. Since the issues that arise for our consideration are similar in all the appeals, these appeals were heard together as a matter of convenience and are being decided by way of this consolidated order. Further, as the basic facts in all the appeals are the same, we have elaborately mentioned only the facts in the appeal being ITA No.6051/Mum/2025 for the sake of brevity.

ITA No.6051/Mum./2025 iShares Core MSCI Emerging Markets ETF - A.Y. 2023-24

3. In this appeal, the assessee has raised the following grounds: -

“On the facts and circumstances of the case, the Appellant craves leave to prefer an appeal against the order under section 143(3) read with section 144C(13) of the Act dated 31 July 2025, issued by the Deputy Commissioner of Income Tax (International Taxation) - 2(2)(2), Mumbai ['the learned AO"] in pursuance of the directions under section 144C(5) of the Act issued by the Hon'ble DRP - I, Mumbai dated 25 June 2025 on the following grounds, each of which is without prejudice to and independent of the others:

On the facts and in the circumstances of the case and in law, the learned AO/

Hon'ble DRP:

Ground of Appeal No. 1: General

1. Erred in assessing the total income of the Appellant at Rs.

2,44,71,11,79,000 instead of the returned income of Rs. 237,529,355,610;

Ground of Appeal No 2 - Not following CBDT Instruction 08/2017 dated 29 September 2017 and 01/2018 dated 16 February 2018

1. Erred in issuing the order under section 143(3) r.w.s. 144C of the Act, without affixing digital signature in accordance with CBDT Instruction No. 8/2017 dated 29 September 2017, CBDT Instruction No. 1/2018 dated 12 February 2018 and dated 16 February 2018; thereby making it invalid and unenforceable.

Ground of Appeal Nos. 3 - 7: Rejecting the hierarchy of set-off of Short-Term Capital losses adopted by the Appellant

2. erred in rejecting the hierarchy of set-off of short-t