TaxTMI 
TaxTMI 
2023 (1) TMI 534
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....tions of the ADIT, CPC, Bangaluru [Circle Int. Tax 1(2)(2)] in not allowing relief claimed u/s 89/90 of the Act in a sum of Rs.25,43,643/- holding that Form 67 filed before filing revised return was out of time and thus not valid such. Such action being erroneous, unlawful and untenable, it is prayed, that the order as passed be quashed with directions for appropriate relief. Grounds 3. Briefly the facts relating to the dispute are, the assessee is a nonresident individual. For the assessment year under dispute, assessee filed its return of income of Rs.1,59,95,120. While processing the return of income under Section 143(1) of the Income-Tax Act,1961, the Centralized Processing Centre (CPC), though, accepted the return of income filed b....
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.... Thereafter, again, due to spread of new variant of COVID-19, the Hon'ble Supreme Court took suo motu cognizance and restored the order dated 23.03.2020 extending the period of limitation and held that period from 15.03.2020 till 28.02.2022 shall stand excluded for the period of limitation. Thus, he submitted, in view of the aforesaid decision of the Hon'ble Supreme Court, Form 67 filed by the assessee cannot be held to be barred by limitation. 8. Without prejudice, he submitted, the Tribunal in a number of cases has held that the provision contained in Rule 128(9) does not provide for disallowance of foreign tax credit in case of delay in filing Form 67 and further, filing of Form 67 is not mandatory but a directory requirement. I....
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....e under Section 139(1) of the Act. The due date of filing of return for the impugned assessment year was 31.10.2020. It is a fact that the assessee filed the original return of income before the due date. However, Form 67 was filed along with the revised return of income was filed on 3105.2021. It is a fact that to prevent spread of COIVD-19 Pandemic, the Government imposed various restrictions. Taking note of the difficulties faced by litigants in complying with the legal requirement of filing petitions/suites/applications/appeals/other proceedings due to COVID-19, Hon'ble Supreme Court took suo motu cognizance and vide order dated 20.03.2020 extended the period of limitation in filing petitions/suites/applications/appeals etc. till 08....
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.... of the view that the issue was not debatable and there was only one view possible on the issue which is the view set out above. I am also of the view possible on the issue which is the view set out above. I am also of the view that the issue in the proceedings u/s. 154 of the Act, even if it involves long drawn process of reasoning, the answer to the question can be only one and in such circumstances, proceedings u/s. 154 of the Act, even if it involves long drawn process of reasoning, the answer to the question can be only one and in such circumstances, proceedings u/s. 154 of the Act, can be resorted to. Even otherwise the ground on which the revenue authorities rejected the Assessee's application u/s. 154 of the Act was not on the groun....
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....rm number 67 required to be filed according to the provisions of rule 128 (9) of the Income 012. We have carefully considered the rival contention and perused the orders of the lower authorities. Short question in this appeal is whether assessee is entitled to foreign tax credit even when form number 67 required to be filed according to the provisions of rule 128 (9) of the Income Tax Rules on or before the due date of filing of the return of income, not complied by the assessee, but same was filed before the completion of the assessment proceedings. Precisely, the fact shows that assessee filed return of income u/s 139 (1) of the income tax act. In such a return of income, she claimed the foreign tax credit. However, form number 67 was fil....
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....ot prescribe denial of credit of FTC. Further the Act i.e. section 90 or 91 also do not prescribe timeline for filing of such declaration on or before due date of filing of ROI. Further rule 128 (4) clearly provides the condition where the foreign tax credit would not be allowed. Rule 128 (9) does not say that if prescribed form would not be filed on or before the due date of filing of the return no such credit would be allowed. Further by the amendment to the rule with effect from 1 April 2022, the assessee can file such form number 67 on or before the end of the assessment year. Therefore, legislature in its own wisdom has extended such date which is beyond the due date of filing of the return of income. Further , the fact in the present ....