https://www.taxtmi.com/caselaws?id=753155 The ITAT Delhi ruled in favor of the assessee, allowing the appeal regarding the disallowance of Foreign Tax Credit (FTC) due to late filing of Form 67. The Tribunal determined that Form 67 is a procedural requirement and not mandatory, thus not negating the substantive right to claim FTC. Additionally, the Tribunal upheld the assessee's right to file a revised return under Section 139(5) of the Income-Tax Act, 1961, enabling the correction of errors in the original return. The Tribunal concluded that procedural non-compliance with the DTAA does not justify FTC disallowance, directing the allowance of FTC proportional to the Indian tax payable. en-us Fri, 24 May 2024 00:00:00 +0530 Sat, 25 May 2024 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753155 The ITAT Delhi ruled in favor of the assessee, allowing the appeal regarding the disallowance of Foreign Tax Credit (FTC) due to late filing of Form 67. The Tribunal determined that Form 67 is a procedural requirement and not mandatory, thus not negating the substantive right to claim FTC. Additionally, the Tribunal upheld the assessee's right to file a revised return under Section 139(5) of the Income-Tax Act, 1961, enabling the correction of errors in the original return. The Tribunal concluded that procedural non-compliance with the DTAA does not justify FTC disallowance, directing the allowance of FTC proportional to the Indian tax payable. Case-Laws Income Tax Fri, 24 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753155