2025 (2) TMI 1430

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....IT DEY, VP: This is an appeal by the assessee against order dated 16.10.2024, passed by the learned Commissioner of Income Tax (Appeals)-5 ('ld.CIT(A) for short), Chennai, pertaining to the assessment year (A.Y.) 2020-21. 2. The sole grievance of the assessee in the present appeal concerns disallowance of Foreign Tax Credit (FTC) due to non furnishing of Form No. 67 within the prescribed tim....

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....the assessee submitted that after processing of return u/s. 143(1) of the Act, the assessee had filed an application seeking rectification and during pendency of rectification application, the assessee had furnished Form No.67. He submitted, despite furnishing of Form 67, assessee's claim of FTC has been disallowed. He submitted, furnishing of Form 67 as per Rule 128(9) is directory and not mandat....

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....s on record. The short issue arising for consideration is whether FTC can be denied merely because of non-furnishing of Form 67 within the prescribed time limit. Having carefully gone through the judicial precedents cited before us, we find convergence of judicial opinion on the issue that Rule 128(9) is not mandatory but directory in nature. Hence, furnishing of Form 67 at a belated stage would n....