https://www.taxtmi.com/caselaws?id=441741 The Appellate Tribunal ITAT Hyderabad ruled in favor of the assessee in a case involving weighted deduction under section 35(2AB) of the Income Tax Act and the denial of Foreign Tax Credit (FTC) due to a delayed filing of Form 67. The Tribunal held that expenses incurred on bio equivalence and clinical studies outside the approved facility are eligible for deduction under section 35(2AB) if related to research in the approved facility. Additionally, the Tribunal deemed the filing of Form 67 as directory, not mandatory, and upheld the assessee's right to claim FTC despite the delay. en-us Mon, 31 Jul 2023 00:00:00 +0530 Mon, 14 Aug 2023 17:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441741 The Appellate Tribunal ITAT Hyderabad ruled in favor of the assessee in a case involving weighted deduction under section 35(2AB) of the Income Tax Act and the denial of Foreign Tax Credit (FTC) due to a delayed filing of Form 67. The Tribunal held that expenses incurred on bio equivalence and clinical studies outside the approved facility are eligible for deduction under section 35(2AB) if related to research in the approved facility. Additionally, the Tribunal deemed the filing of Form 67 as directory, not mandatory, and upheld the assessee's right to claim FTC despite the delay. Case-Laws Income Tax Mon, 31 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441741