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Issues: Whether delay in filing Form 67 could justify denial of Foreign Tax Credit and whether the assessee was entitled to have the claim considered on the basis of the Form 67 already filed.
Analysis: The dispute related only to denial of Foreign Tax Credit on the ground that Form 67 was filed beyond the due date. The Tribunal followed its earlier consistent view that the requirement in Rule 128(9) is directory and not mandatory, and that Foreign Tax Credit cannot be denied merely for delayed filing of Form 67 when the foreign income and tax payment have been disclosed and supporting particulars are available. The Tribunal also relied on the principle that treaty relief under the Double Taxation Avoidance Agreement prevails over inconsistent procedural requirements in the Rules.
Conclusion: The delay in filing Form 67 did not by itself justify denial of Foreign Tax Credit, and the matter had to be considered on the basis of the Form 67 already filed, with the issue remanded to the Assessing Officer for verification and decision in accordance with law.
Ratio Decidendi: A procedural time limit for filing Form 67 under Rule 128(9) is directory, so Foreign Tax Credit cannot be denied solely for delayed filing where treaty relief is otherwise available and the relevant foreign tax details are verifiable.
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