TaxTMI 
TaxTMI 
2025 (12) TMI 1289
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.... issued by the CPC, Bengaluru vide Intimations issued under section 143(1) of the Act, dated 22/03/2022 and 04/03/2024 for Assessment Year 2021-22 and 2023-24, respectively. As a common issue is involved in the captioned appeals, therefore, the same are being taken up and disposed of vide a consolidated order. We shall first take up the appeal in ITA No.1429/Hyd/2025, wherein the impugned order has been assailed on the following grounds of appeal: "1. The order passed by the Ld. CIT(A) is totally invalid as against the principles of natural justice and the provisions vested in IT Act. 2. The Ld. Add/CIT(A) out to have allowed Foreign Tax credit to the appellant for which the appellant is eligible to claim. 3. The ....
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....67 within the due date as per the mandate of law, therefore, the AO/CPC, while processing his return of income under section 143(1) of the Act, declined his claim for tax credit raised by him under section(s) 90/90A of the Act. Accordingly, the AO/CPC processed the return of income filed by the assessee and vide intimation issued under section 143(1) of the Act raised a demand of Rs. 71,44,030/-. 3. Aggrieved, the assessee carried the matter in appeal before the CIT(A) but without success. 4. The CIT(A), while disposing of the appeal, observed that as per Rule 128(9) of the Income Tax Rules, 1962, the statement in Form-67 referred to in clause (i) of sub-rule (8) and the certificate or the statement referred to in clause (ii) of sub-r....
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..... The assessee aggrieved with the order of the CIT(A) has carried the matter in appeal before us. 6. We have heard the Learned Authorised Representatives of both parties, perused the orders of the lower authorities and the material available on record, as well as considered the judicial pronouncements that have been pressed into service by them to drive home their respective contentions. 7. Shri C. Maheswar Reddy, CA, the Learned Authorised Representative (for short, "Ld. AR") for the assessee, at the threshold of hearing of the appeal, submitted that both the parties below had grossly erred in law and facts of the case in declining the assessee's claim of Foreign Tax Credit (FTC) merely for late filing of Form 67, which was just a pr....
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....pon the orders of the ITAT, Kolkata, in Sanmoy Ray vs. ITO-24(2), Chinsurah, ITA No.683/Kol/2025, dated 24/07/2025 and that in the case of Rahul Anand vs. ADIT, CPC, Bangalore, ITA No.1497/Kol/2024, dated 06/12/2024. 8. Per contra, Shri S. Arun Kumar, Learned Senior Departmental Representative (for short, "Ld. Sr. DR") relied upon the orders of the authorities below. 9. We have given thoughtful consideration to the contentions of the Ld. Authorised Representatives of both parties in the backdrop of the orders of the authorities below. 10. Admittedly, as the assessee who had filed his return of income for AY 2021-22 on 31/12/2021, had filed Form-67 on 08/12/2022, while for the same was required to be filed on or before the end of th....
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....analogy from the judgment of the Hon'ble Supreme Court in the case of CIT v s. G.M. Knitting Industries (P) Ltd in Civil Appeal Nos.10782 of 2013 and 4048 of 2014, dated 24/06/2015, wherein it was observed that as Form 3AA, which is required to be filed along with the return of income to avail the benefit was not filed along with the return of income, but was filed during the assessment proceedings, the same would amount to sufficient compliance of the statutory requirement. Accordingly, the Hon'ble High Court, based on its aforesaid observations, directed the AO to allow the credit of Foreign Tax Credit (FTC) based on Form-67 that was filed by the assessee/petitioner on 02/02/2021. Also, we find that the ITAT, Hyderabad in the case of Shri....