Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
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The ITAT held that the time limit for filing Form 67 under Rule 128(9) is directory; where the taxpayer filed Form 67 during the pendency of the appeal before the CIT(A), the foreign tax credit should have been allowed. The matter is remitted to the AO to verify the claim and, if found in order, grant the foreign tax credit after due compliance. On carry-forward, the ITAT held that unabsorbed depreciation does not constitute a "business loss" for the relevant AY; the AO is directed to allow carry-forward losses for the earlier year in accordance with law after affording the assessee an opportunity of hearing. Ground No.3 allowed.
The ITAT held that the time limit for filing Form 67 under Rule 128(9) is directory; where the taxpayer filed Form 67 during the pendency of the appeal before the CIT(A), the foreign tax credit should have been allowed. The matter is remitted to the AO to verify the claim and, if found in order, grant the foreign tax credit after due compliance. On carry-forward, the ITAT held that unabsorbed depreciation does not constitute a "business loss" for the relevant AY; the AO is directed to allow carry-forward losses for the earlier year in accordance with law after affording the assessee an opportunity of hearing. Ground No.3 allowed.
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