2024 (7) TMI 345

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....Appeals) is bad in law, wrong in facts against natural justice. 2. That the learned Commissioner of Income Tax (Appeals) has erred by not allowing Foreign Tax Credit despite the fact that tax was paid overseas and Form 67 was filed before the end of the assessment year." 3. Brief facts of the case as summarised are that assessee filed return of income on 29.12.2020 declaring taxable of Rs. 1,66,74,950/- and claiming refund of Rs. Nil. In this return, the assessee has claimed a foreign tax credit ["FTC"] of Rs. 16,74,950/- by filing Form 67 u/s 90(2) of the Incometax Act, 1961 (for short 'the Act'), which was filed on 01.03.2021. The return of income was processed u/s 143(1) of the Act on 25.11.2021, wherein the CPC, although accepted the....

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....pellant has not filed the Form no. 67 within the due date of filing return, the CPC has rightly not granted the credit for foreign tax credit. The judicial decisions relied upon by the appellant are different and distinguishable as the case of the appellant is with respect to the intimation u/s. 143(1) r. w.s 154 of the Act and the issue is not a scrutiny assessment matter. As per the provisions of section 143(1) and 154, only mistake apparent from record can be taken into consideration herein, without going into the judicial decisions etc. As per the provisions of the Act, the appellant has not filed the Form no. 67 within the prescribed time and hence the AD was right in not granting the credit for foreign tax credit. Therefore, AO's ....