Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
The ITAT Delhi held that denial of Foreign Tax Credit (FTC) claim due to late filing of Form 67 after the due date of filing Income Tax Return (ITR) was not justified. Section 90 of the Act along with Article 25(2)(a) allows USA tax paid as a credit against Indian tax, limited to the proportion of Indian tax. Rule 128(9) mandates filing Form 67 by the due date of ITR filing u/s 139(1), recently amended to end of assessment year. The Rule does not specify denial of FTC if Form 67 is filed late or incorrectly and rectified later. Filing Form 67 is procedural, not mandatory. Violating procedural norms does not extinguish substantive right to claim FTC. The JAO is directed to allow FTC limited to proportion of Indian tax payable, ruling in favor of the assessee.
The ITAT Delhi held that denial of Foreign Tax Credit (FTC) claim due to late filing of Form 67 after the due date of filing Income Tax Return (ITR) was not justified. Section 90 of the Act along with Article 25(2)(a) allows USA tax paid as a credit against Indian tax, limited to the proportion of Indian tax. Rule 128(9) mandates filing Form 67 by the due date of ITR filing u/s 139(1), recently amended to end of assessment year. The Rule does not specify denial of FTC if Form 67 is filed late or incorrectly and rectified later. Filing Form 67 is procedural, not mandatory. Violating procedural norms does not extinguish substantive right to claim FTC. The JAO is directed to allow FTC limited to proportion of Indian tax payable, ruling in favor of the assessee.
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