TaxTMI 
TaxTMI 
TaxTMI 
2022 (7) TMI 1087
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....(1) of the Income-tax Act, 1961 (the Act) by the learned DCIT, Central Circle-3, Thane, (the learned Assessing Officer) was dismissed. The assessee is aggrieved and has filed this appeal raising following grounds of appeal:- "1. The NFAC has erred in the facts and circumstances of the case and in law in rejecting the claim of the Appellant for Foreign Tax Credit (FTC) of INR 18,66,509 under Article 24(2) of the India-UK Double Taxation Avoidance Agreement (DTAA) read with Section 90 of the Income-tax Act, 1961 (the Act), while computing the income of the appellant. 2. The NFAC has erred in the facts and circumstances of the case and in law in disregarding documentary evidence filed in support of the FTC claimed under Article 24(2) of th....
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....hat according to Article 24(2) of the Double Taxation Avoidance Agreement, the assessee is eligible for foreign tax credit against the income earned and charged to tax in United Kingdom. The UK income was offered for taxation by assessee in the return of income filed in India. Accordingly, assessee earned salary of Rs.68,77,360/- outside India on which foreign tax of Rs.18,66,501/- was paid. The tax payable in India was determined at Rs.22,90,523/-, against which assessee claimed the above foreign tax of Rs.18,66,501/- as a credit [Claimed in Original return of Rs 2313566/-]. 04. Assessee filed his return of income for A.Y. 2018-19 on 23rd August, 2018, whereas the due date of fling of return was 31st August, 2018, showing total income of ....
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....rder preferred the appeal before the National Faceless Appeal Centre, stating the above facts and challenging intimation under Section 143(1) of the Act. The learned CIT (A) (NFAC) held that assessee has filed return of income on 7th February, 2019, whereas the due date of filing of return was on 31st August, 2019 and form no. 67 required to be filed for claiming foreign tax credit was furnished on 7th February, 2019 which is beyond the due date of furnishing return of income and therefore, the claim of the assessee was in accordance with Rule 128 of the Income Tax Rules, 1962 (the Rules). Accordingly, Action of Ld AO in disallowing the foreign tax credit was upheld. The disallowance of depreciation of Rs.1,492/- was also upheld and subsequ....
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....sessee has been denied relief under Section 90 of the Act, disallowance under Section 32 of the Act and also interest as well as late fee which is not in accordance with the law. 010. The learned Departmental Representative vehemently supported the order of the learned Assessing Officer and learned CIT (A). 011. We have carefully considered the rival contention and perused the orders of the lower authorities. Apparently in this case assessee is an individual, a resident in ordinary resident of India in the impugned assessment year as per the provisions of Section 6 (1) of the act. As assessee is a resident in ordinarily resident of India the global income of the assessee was chargeable to tax. Assessee is also a resident of the United Kin....
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....urther held that the form number 67 is mandatorily required to be filed for claiming foreign tax credit was furnished on 7/2/2019 which is beyond the due date of furnishing of return of income and is not in accordance with the provisions of Rule128 of income tax rules 1962, the assessee is not entitled to foreign tax credit. The CIT appeal considered few judicial precedents also to dismiss the appeal of the assessee. We find that the assessee has filed original return of income which has been ignored by the Central processing centre, Bangalore as well as the National faceless appeal Centre. Even before the National faceless appeal Centre the assessee made a detailed written submission wherein in paragraph number 5 the complete facts are men....
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.... allowed. 012. With ground number 3 assessee has challenged the disallowance of depreciation of Rs. 1492 while processing the tax return. The depreciation of Rs. 1492/- was also disallowed for the reason that assessee mentioned it in serial number 12 (ii) of the schedule BP that relates to the computation of business profit but the depreciation is with respect to the assets of an undertaking engaged in generation and generation and distribution of the power. As the assessee is not in the business of power generation or distribution the depreciation was denied. The learned it CIT - A held that in a filing of the return of income the onus is on the assessee to correctly fill up the return of income and make appropriate claims in the correct ....