2026 (2) TMI 1060

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.... the writ petitions involve a common question of law, however with some difference in facts and therefore, they are being decided conjointly. The facts of W.P.(C) 959/2024 pertaining to assessment year 2020-21 are however, taken for consideration. 2. The petitioner failed to file Form No. 67 as required under Rule 128 of the Income Tax Rules, 1962 (hereinafter referred to as 'Rules of 1962') within the prescribed time limit. It was only on receipt of intimation/order under section 143(1)(a) of the Income Tax Act, 1961 (hereinafter referred to as 'Act of 1961') the assessee realised that the credit of the tax deducted on its foreign receipts has not been given and therefore, it moved an application under Section 154 of the Act of 1961 bef....

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....e Rule may be exercised by the Central Board of Direct Taxes or a competent authority under Section 119 of the Act of 1961, that too in a case when such power is invoked. 6. Heard learned counsel for the parties. 7. Admittedly, the petitioner has not furnished Form No. 67 up to the due date of filing return and it realised such fault only when its return was processed and when its Foreign Tax Credit of Rs. 1,01,34,300/- being TDS on foreign receipts was not allowed by the AO. On inquiry, it found that the same had been rejected because Form No. 67 was not uploaded within the time prescribed. 8. We are of the view that may be the petitioner omitted or failed to upload Form No. 67 by the due date of return but simply because of this ....

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.... to the petitioner, he shall pass a speaking order, against which the petitioner's right to take remedies in accordance with law shall remain reserved. 11. The necessary exercise as directed above shall be done by the AO within a period of 2 (two) months from today. 12. The Writ Petition stands allowed. All the pending application(s) stand disposed of. W.P.(C) 960/2024 W.P.(C) 961/2024 13. The Commissioner has rejected the application for revision under Section 264 of the Act of 1961 vide order dated 13.12.2023 on two counts. The first being that the application for revision was beyond the limitation prescribed under Section 264 of the Act of 1961 and secondly, that it does not have power to condone the delay in uploading of ....