Purposive interpretation of residential house exemption: unregistered purchase agreement alone does not defeat relief, but investment must be verified...
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The assessee, a salaried employee working for Tessolve Semiconductor Pvt. Ltd. and Tessolve Inc., earned income from salary, house property, capital gains, dividend, and interest. The assessee claimed foreign tax credit, which was denied by the CPC due to the late filing of Form 67 along with the return of income u/s 139. The Tribunal, relying on a previous Bangalore Bench decision, held that Rule 128(9) does not provide for disallowance of FTC in case of delay in filing Form 67. Filing Form 67 is a directory requirement, and the DTAA overrides the provisions of the Act. The Tribunal directed the Assessing Officer to allow Foreign Tax Credit after due verification of Form 67, allowing the assessee's appeal for statistical purposes.
The assessee, a salaried employee working for Tessolve Semiconductor Pvt. Ltd. and Tessolve Inc., earned income from salary, house property, capital gains, dividend, and interest. The assessee claimed foreign tax credit, which was denied by the CPC due to the late filing of Form 67 along with the return of income u/s 139. The Tribunal, relying on a previous Bangalore Bench decision, held that Rule 128(9) does not provide for disallowance of FTC in case of delay in filing Form 67. Filing Form 67 is a directory requirement, and the DTAA overrides the provisions of the Act. The Tribunal directed the Assessing Officer to allow Foreign Tax Credit after due verification of Form 67, allowing the assessee's appeal for statistical purposes.
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