2025 (7) TMI 126

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.... total income of Rs. 89,74,680/- and claimed foreign tax credit of Rs. 49,65,499/-. The return of income filed by the assessee has been processed and intimation u/s 143(1) of the I.T. Act, 1961 was issued on 26/10/2022 with a demand of Rs. 31,07,910/- where the Assessing Officer has denied credit for foreign taxes paid outside India for non-filing of Form 67 on or before the due date for filing of return of income u/s 139(1) of the Act. 3. On appeal, the learned CIT (A) sustained the additions made by the Assessing Officer towards disallowance of Foreign Tax Credit on the ground that, filing of Form 67 within the due date specified u/s 139(1) of the Act is mandatory and since the assessee has filed Form 67 on 15/12/2022 which is beyond t....

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....hese facts have been explained to the learned CIT (A) in light of the amended rule 128(9) of the I.T. Rules, 1962 along with the evidence for filing Form 67 on 15/12/2022. But, the learned CIT (A) without considering the relevant facts, simply rejected the argument of the assessee. Therefore, he submitted that the addition made by the Assessing Officer by, rejecting Foreign Tax Credit should be deleted. 6. On the other hand, the learned Sr. AR supporting the order of the learned CIT (A) submitted that, as per Rule 128(9) of the I.T. Rules, 1962, filing Form No.67 to claim credit for Foreign Tax Credit is mandatory and said form should be filed on or before the due date of filing the return of income u/s 139(1) of the Act. Since the rule ....