2023 (6) TMI 1533

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....facts of the case are that the assessee is a resident individual received dividend from CISCO Systems, USA to the extent of Rs..3,22,733/- during the financial year 2017-18. As per DTAA between India and USA, the dividend income is taxable in both the countries. Hence, the same was duly offered for income tax while filing his return of income for AY 2018-19 dated 21.07.2018. The return filed by the assessee was processed under section 143(1) of the Income Tax Act, 1961 ["Act" in short] dated 08.06.2020. In the intimation, the tax relief under section 90/90A of the Act has been computed at NIL as against the claim of Rs..80,682/- made by the assessee in the return of income for the assessment year 2018-19. Similarly, the return filed for the....

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....orm 67, the CPC Bengaluru rightly denied the claim of the assessee and supported the orders passed by the ld. CIT(A). 6. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. The assessee has claimed Foreign Tax Credit (FTC). While processing the return of income, the CPC denied the credit of withholding tax of Rs..80,682/- for the assessment year 2018-19 and Rs..91,627/- for the assessment year 2019- 20 for the reason that the assessee did not file Form No. 67 before the due date of filing of return of income. The provisions of section 90 of the Act read with Article 25 of India-USA DTAA makes an Indian resident assessee eligible to claim foreign tax credit in respect o....

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.... or specified territory outside India offered for tax for the previous year and of foreign tax deducted or paid on such income in Form No. 67 and verified in the manner specified therein; (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 the 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,- (A) an acknowledgement of online payment or bank counter foil or challan for payment of ....