AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2026 (4) TMI 1022
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....levant Assessment Year is 2018-19. 2. The grounds raised read as follows:- 1. On the facts and circumstances of the case, the Learned Commissioner of Income Tax (Appeals) erred in denying the Foreign Tax Credit without appreciating that the assessee had duly offered the said income to tax by way of filing the revised computation of income during the course of assessment. 2. On the facts and circumstances of the case, the Learned Commissioner of Income Tax (Appeals) erred in denying the foreign tax credit without appreciating that Form 67 was filed along with revised computation of income wherein the income earned in United States of America were offered for tax against which the appropriate credit was claimed. ....
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....ii. Interest on foreign bank accounts : Rs. 1,80,183/- iii. Dividend from foreign securities : Rs. 1,77,795/- iv. Professional fees earned in foreign currency : Rs. 3,80,242/- 4. The assessee had also claimed Foreign Tax Credit (FTC) of Rs. 75,24,894/- (USD 1,15,690) by filing Form No.67 on 07.02.2020 during the course of assessment proceedings along with the payment of additional tax of Rs. 25,48,850/- including interest u/s. 234A/B/C of the Act. The assessment was completed vide order dated 23.02.2021 passed u/s. 143(3) of the Act. In the said assessment order, the AO accepted the additional income offered by the assessee on foreign assets. However, AO did not gave Foreign Tax Credit (FTC) for the reason Form No.67 wa....
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....2022] 142 taxmann.com 32. 8. We have heard rival submissions and perused the material on record. For the relevant assessment year, assessee had filed his return of income within the due date prescribed u/s. 139(1) of the Act on 29.08.2018. In the said return of income, assessee had disclosed the foreign assets in Schedule FA (refer pages 52 & 53 of paperbook filed by the assessee). However, by inadvertence the income was not disclosed in the return of income. During the course of assessment proceedings, assessee filed revised computation of income by including the foreign sourced income which was inadvertently omitted to be disclosed in the return of income filed on 29.08.2018. In the revised computation, apart from disclosing the foreig....
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....67 was not filed, he e-filed the same on 24.08.2022. 8. The Hon'ble Delhi High Court in the case of Real Time Data Services Pvt. Ltd., (supra), had held that when petitioner had failed to upload Form 67 within due date of filing of the return, it is only a technical or venial breach. It was further held by the Hon'ble Delhi High Court that the petitioner has substantial right of getting FTC and withholding the same is without any authority and would tantamount to unjust enrichment. The Hon'ble Court in the said case directed the AO to examine the Form 67 (which was admittedly filed subsequent to the intimation issued u/s. 143(1) of the Act) and pass a speaking order in accordance with law. 9. The Mumbai Bench of the Tribun....
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....owed. Thus, present case is not a case of violation of any of the provisions of the Act but of the Rule which does not provide for any consequence, if not complied with. 5.1. The issue before us is no longer res integra as held by various Coordinate Benches of ITAT, few of which are listed below: i. Sonakshi Sinha vs. CIT [2022] 142 taxmann.com 414 (Mum) ii. Deepak Shimoga Parmaraju vs. ADIT [2024] 162 taxmann.com 96 (Bang) iii. Brinda Ramakrishna vs. ITO [2022] 135 taxmann.com 358 (Bang) 6. Considering the factual matrix on record as well as pending application before the ld. JAO u/s. 154, and the judicial pronouncements listed above read with Rule 128 of the Rules, we remit the matter back to t....