Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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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