https://www.taxtmi.com/caselaws?id=314416 The ITAT Mumbai ruled in favor of the assessee regarding denial of Foreign Tax Credit under section 90. Though the assessee filed Form 67 through revised return instead of original return and missed the due date, the tribunal held that Rule 128 is directory, not mandatory, as it prescribes no adverse consequences for non-compliance. Following precedent in Sonakshi Sinha case, the tribunal allowed FTC since Form 67 was filed before assessment completion, despite non-adherence to Rule 128(9) timeline requirements. en-us Wed, 05 Apr 2023 00:00:00 +0530 Fri, 07 Jun 2024 20:46:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314416 The ITAT Mumbai ruled in favor of the assessee regarding denial of Foreign Tax Credit under section 90. Though the assessee filed Form 67 through revised return instead of original return and missed the due date, the tribunal held that Rule 128 is directory, not mandatory, as it prescribes no adverse consequences for non-compliance. Following precedent in Sonakshi Sinha case, the tribunal allowed FTC since Form 67 was filed before assessment completion, despite non-adherence to Rule 128(9) timeline requirements. Case-Laws Income Tax Wed, 05 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314416