Taxpayer Entitled to Foreign Tax Credit Despite Late Form 67 Filing, Upholding India-Sri Lanka Double Taxation Agreement.

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....Section 90 of the Income Tax Act allows relief from double taxation by granting foreign tax credits (FTCs) on foreign income taxed in both India and the other country. The India-Sri Lanka DTAA mandates granting FTCs to avoid double taxation. Denying FTC due to a procedural delay in filing Form 67 goes against the DTAA's objective of mitigating double taxation. The assessee fulfilled the substantive requirement of paying taxes in Sri Lanka and subsequently claimed FTC as per DTAA u/s 90. Filing Form 67 during the rectification stage demonstrated a good faith effort to comply with procedural requirements. Courts and tribunals have held that procedural delays should not hinder substantive relief when the claimant has met other substantive requ.........