2025 (9) TMI 891

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....is that the learned CIT(A) erred in not allowing the foreign tax credit. 3. The facts in brief are that the assessee is an individual and for the year under consideration, originally filed return of income as on 31st August 2018 declaring total income at Rs. 3,12,400/- being income derived from long term capital gain and bank interest. Subsequently, the assessee realised that inadvertently foreign incomes on account of bank interest and dividend for Rs. 10,23,166/- and Rs. 1,54,460/- respectively were omitted to be declared in the original return of income. Hence, the assessee revised the return as on 30th January 2019 in which included the foreign income and also claimed the credit of taxes paid of Rs. 1,85,150/- on the impugned foreign....

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....e or intentional but due to the reasonable cause. 7. However, the learned CIT(A) found that the assessee though has filed Form 67 as required under rule 128(8)(i) of the IT Rules but failed to furnish other documents as specified under rule 128(8)(ii) of IT Rule which are detailed as under: (ii) Certificate or statement specifying the nature of income and the amount of tax deducted therefrom or paid by the assessee,- (a) from the tax authority of the country or specified territory outside India; or (b) from the person responsible for deduction of such tax; or (c) signed by the assessee: Provided that the statement furnished by the assessee in clause (c) shall be valid if it is accompanied by,-....

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....availing the foreign tax credit and hence the credit ought to have been allowed. 10. On the other hand, the learned DR vehemently supported the finding of lower authorities. 11. We have heard the rival contentions of both the parties and perused the materials placed on record, including the paper book filed by the assessee. The undisputed facts are that the assessee, an individual, had revised his return of income on 30th January 2019 declaring foreign income and claimed credit of foreign taxes paid amounting to Rs.1,85,150/-. The assessee had also filed Form 67 on 24th January 2019, i.e., prior to filing of the revised return. The lower authorities have rejected the claim mainly on the ground that necessary documentary evidence of fo....