2025 (6) TMI 307

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....ORDER PER OMKARESHWAR CHIDARA (AM) :- The only issue to be adjudicated in this case is whether the appellant company can be denied the benefit of the foreign tax credit by Ld. CPC where Form 67 was filed after the due date of filing of Return of Income. 2. The Ld. CPC and Ld. CIT(A) denied the benefit of Foreign Trade Credit (FTC) because they held that the Rule 128(9) is mandatory in nat....

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....ppellant as per section 90(2) of the I.T. Act. b) Hon'ble Madras High Court in the case of Duraiswamy Kumarawamy (supra) held that the Rule regarding filing FTC is only directory and not mandatory and hence it can be filed after the filing of Return of Income to claim FTC and appellant is entitled for credit mentioned in FTC. c) The Mumbai Tribunal in the case of John Arunkum....