https://www.taxtmi.com/caselaws?id=766053 The ITAT Chennai dismissed the assessee's appeal claiming deduction of foreign taxes under Section 37(1) beyond the credit available under Sections 90/91. The tribunal held that Section 40(a)(ii) categorically prohibits deduction of any tax levied on business profits, including foreign taxes. The quantum of foreign tax credit is specifically defined under Sections 90/91, and excess amounts cannot be claimed under other provisions. The prohibition under Section 40(a)(ii) applies to foreign taxes, and the legislative intent is clear that such taxes are not allowable as deductions. The AO's order was confirmed. en-us Fri, 07 Feb 2025 00:00:00 +0530 Mon, 17 Feb 2025 08:48:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766053 The ITAT Chennai dismissed the assessee's appeal claiming deduction of foreign taxes under Section 37(1) beyond the credit available under Sections 90/91. The tribunal held that Section 40(a)(ii) categorically prohibits deduction of any tax levied on business profits, including foreign taxes. The quantum of foreign tax credit is specifically defined under Sections 90/91, and excess amounts cannot be claimed under other provisions. The prohibition under Section 40(a)(ii) applies to foreign taxes, and the legislative intent is clear that such taxes are not allowable as deductions. The AO's order was confirmed. Case-Laws Income Tax Fri, 07 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766053