Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Membership-consent thresholds for oppression petitions are satisfied by unchallenged voter-list consents, while unsupported forgery claims require pro...
The Tribunal held that Rule 128(9) does not provide for disallowance of Foreign Tax Credit (FTC) in case of delay in filing Form No. 67. Filing of Form No. 67 is a directory requirement, and the Double Taxation Avoidance Agreement (DTAA) overrides the provisions of the Act and Rules. The issue was not debatable, and there was only one possible view. In such circumstances, proceedings u/s 154 of the Act can be resorted to, even if it involves a long-drawn process of reasoning. The Assessing Officer was directed to give credit for foreign tax as per Form 67 filed by the assessee prior to filing the appeal before the Commissioner of Income Tax (Appeals), after due verification.
The Tribunal held that Rule 128(9) does not provide for disallowance of Foreign Tax Credit (FTC) in case of delay in filing Form No. 67. Filing of Form No. 67 is a directory requirement, and the Double Taxation Avoidance Agreement (DTAA) overrides the provisions of the Act and Rules. The issue was not debatable, and there was only one possible view. In such circumstances, proceedings u/s 154 of the Act can be resorted to, even if it involves a long-drawn process of reasoning. The Assessing Officer was directed to give credit for foreign tax as per Form 67 filed by the assessee prior to filing the appeal before the Commissioner of Income Tax (Appeals), after due verification.
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