https://www.taxtmi.com/caselaws?id=769708 ITAT Visakhapatnam held that penalty under section 270A cannot be imposed when foreign tax credit is denied solely for late filing of Form 67. The tribunal found that denial of foreign tax credit due to procedural non-compliance does not constitute misreporting of income under subsections (2) and (9) of section 270A, as the assessee's total income was not enhanced and tax liability increased only due to credit denial, not income suppression or misrepresentation. en-us Mon, 28 Apr 2025 00:00:00 +0530 Wed, 30 Apr 2025 08:38:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769708 ITAT Visakhapatnam held that penalty under section 270A cannot be imposed when foreign tax credit is denied solely for late filing of Form 67. The tribunal found that denial of foreign tax credit due to procedural non-compliance does not constitute misreporting of income under subsections (2) and (9) of section 270A, as the assessee's total income was not enhanced and tax liability increased only due to credit denial, not income suppression or misrepresentation. Case-Laws Income Tax Mon, 28 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769708