https://www.taxtmi.com/caselaws?id=427612 The Appellate Tribunal partially allowed the appeal in a case concerning the denial of Foreign Tax Credit (FTC) of Rs. 12,03,837 to the appellant by the Centralized Processing Center. The Tribunal held that the appellant, despite the foreign tax being paid by the employer, should be granted the credit as the tax paid was part of the income subject to taxation in India. It emphasized the availability of the credit once the income, including the foreign tax paid, was offered for taxation in India. Additionally, the Tribunal considered the belated filing of Form 67 for claiming FTC as a directory requirement rather than mandatory, directing the Assessing Officer to verify and allow the tax credit if found in order. en-us Tue, 19 Jul 2022 00:00:00 +0530 Wed, 14 Sep 2022 09:21:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427612 The Appellate Tribunal partially allowed the appeal in a case concerning the denial of Foreign Tax Credit (FTC) of Rs. 12,03,837 to the appellant by the Centralized Processing Center. The Tribunal held that the appellant, despite the foreign tax being paid by the employer, should be granted the credit as the tax paid was part of the income subject to taxation in India. It emphasized the availability of the credit once the income, including the foreign tax paid, was offered for taxation in India. Additionally, the Tribunal considered the belated filing of Form 67 for claiming FTC as a directory requirement rather than mandatory, directing the Assessing Officer to verify and allow the tax credit if found in order. Case-Laws Income Tax Tue, 19 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427612