Foreign tax credit survives delayed Form No. 67 filing where the substantive claim and foreign tax details are undisputed.

Foreign tax credit cannot be denied solely because Form No. 67 was filed after the due date under section 139(1) where the foreign income and tax deduction details were otherwise disclosed and not disputed. The filing requirement under rule 128 is treated as procedural, and delayed filing of the form does not extinguish entitlement to credit when the substantive claim is valid. On that basis, denial of foreign tax credit for late filing of Form No. 67 was held unjustified, and the claim was allowed.

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Issues: Whether foreign tax credit could be denied solely because Form No. 67 was filed after the due date under section 139(1), when the foreign income and tax deduction details were otherwise disclosed and not disputed.

Analysis: The assessee had declared the foreign income and claimed credit for tax deducted abroad. The only objection was the delayed filing of Form No. 67. The filing requirement under rule 128 was treated as a procedural step, and the contents of the form were not disputed by the Department. Relying on prior tribunal decisions, it was held that a delay in filing Form No. 67 does not extinguish entitlement to foreign tax credit where the substantive claim is otherwise valid.

Conclusion: The denial of foreign tax credit on the ground of delayed filing of Form No. 67 was not justified, and the claim was allowed in favour of the assessee.

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