https://www.taxtmi.com/caselaws?id=761866 ITAT Bangalore allowed the assessee's appeal regarding denial of foreign tax credit (FTC) claim. The Revenue denied FTC due to delay in filing Form 67 under Rule 128 of Income Tax Rules. The Tribunal held that since the assessee revised the return claiming FTC before intimation under section 143(1), the Revenue should have allowed the benefit. Form 67 was deemed directory in nature, not mandatory. The AO was directed to allow FTC after necessary verification per legal provisions. en-us Thu, 19 Sep 2024 00:00:00 +0530 Tue, 19 Nov 2024 08:40:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761866 ITAT Bangalore allowed the assessee's appeal regarding denial of foreign tax credit (FTC) claim. The Revenue denied FTC due to delay in filing Form 67 under Rule 128 of Income Tax Rules. The Tribunal held that since the assessee revised the return claiming FTC before intimation under section 143(1), the Revenue should have allowed the benefit. Form 67 was deemed directory in nature, not mandatory. The AO was directed to allow FTC after necessary verification per legal provisions. Case-Laws Income Tax Thu, 19 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761866