Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
The assessee filed a belated Form No. 67 for claiming Foreign Tax Credit (FTC). The issue was whether the procedural requirement of filing Form No. 67 was directory or mandatory. The Tribunal held that since the provisions of the Double Taxation Avoidance Agreement (DTAA) override Section 90 of the Income Tax Act and are more beneficial to the assessee, and Rule 128(a) does not preclude claiming FTC in case of delay in filing Form No. 67 as FTC is a vested right, there was no justification for not allowing FTC. The Tribunal directed the Assessing Officer to allow FTC in accordance with the India-Thailand DTAA, as the assessee had filed Form No. 67 as evidence of foreign taxes paid. The assessee's appeal was allowed.
The assessee filed a belated Form No. 67 for claiming Foreign Tax Credit (FTC). The issue was whether the procedural requirement of filing Form No. 67 was directory or mandatory. The Tribunal held that since the provisions of the Double Taxation Avoidance Agreement (DTAA) override Section 90 of the Income Tax Act and are more beneficial to the assessee, and Rule 128(a) does not preclude claiming FTC in case of delay in filing Form No. 67 as FTC is a vested right, there was no justification for not allowing FTC. The Tribunal directed the Assessing Officer to allow FTC in accordance with the India-Thailand DTAA, as the assessee had filed Form No. 67 as evidence of foreign taxes paid. The assessee's appeal was allowed.
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