Foreign tax credit claim cannot be denied merely for late Form No. 67 filing when filed before return processing.

Foreign tax credit could not be denied solely because Form No. 67 was filed after the due date for filing the return, where the credit was disclosed in the revised return and the form was filed before processing under section 143(1). The filing deadline under section 139(1) was treated as directory rather than a mandatory condition that would defeat the substantive credit claim. On that basis, denial of the foreign tax credit was held unjustified, and the intimation under section 143(1) was required to be amended to allow the credit.

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Issues: Whether the assessee's claim for foreign tax credit could be denied merely because Form No. 67 was filed after the due date for filing the return of income.

Analysis: The claim for foreign tax credit had been disclosed in the revised return, and Form No. 67 was filed before the return was processed under section 143(1). The procedural requirement of filing Form No. 67 within the due date under section 139(1) was treated as directory, and not as a condition that could defeat the credit when the form was available to the processing authority.

Conclusion: The denial of foreign tax credit on the ground of delayed filing of Form No. 67 was not justified, and the intimation under section 143(1) was directed to be amended to grant the credit.

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