2023 (5) TMI 705

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....DER PER GEORGE GEORGE K, JM : This appeal at the instance of the assessee is directed against CIT(A)'s order dated 22.02.2023 passed u/s 250 of the Income-tax Act, 1961 ("the Act" for short). The relevant assessment year is 2020-2021. 2. The solitary issue raised is whether the CIT(A) is justified in confirming disallowance of claim of Foreign Tax Credit (FTC). 3. The brief facts of the case a....

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..... The rectification order u/s 154 of the Act dated 26.04.2022 was passed not granting the claim of the assessee. 5. Aggrieved, the assessee filed an appeal before the first appellate authority. The CIT(A) confirmed the order of rectification and held that the assessee has not filed Form No.67 before the prescribed time limit. Therefore, it was concluded by the CIT(A) that Form No.67 filed belated....

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....ported the orders of the A.O. and the CIT(A). 8. We have heard rival submissions and perused the material on record. The solitary issue raised is whether the CIT(A) was justified in confirming the disallowance of FTC claimed. The sole reason for denying the benefit of FTC was that Form No.67 has been filed belatedly after the due date of filing of the return u/s 139(1) of the Act. The assessee ha....

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....ing of the Bangalore Bench of the Tribunal, reads as follows:- "16. I have given a careful consideration to the rival submissions. I agree with the contentions put forth by the learned counsel for the Assessee and hold that (i) Rule 128(9) of the Rules does not provide for disallowance of FTC in case of delay in filing Form No.67; (ii) filing of Form No.67 is not mandatory but a directory requir....