2025 (3) TMI 1776

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssessment year 2018-2019 declaring total income of Rs. 1,81,12,866/-. The assessee has filed revised return of income on 31.03.2019 declaring total income of Rs. 1,81,12,866/- and claimed Foreign Tax Credit [in short "FTC"] at Rs. 39,16,468/- by filing Form No.67 along with return of income. The return of income filed by the assessee has been processed u/sec.143(1) of the Act by the CPC, Bengaluru and intimation u/sec.143(1) of the Act dated 20.03.2020 was issued by determining the total income of the assessee at Rs. 1,81,12,866/- and tax payable at Rs. 52,49,340/- by denying FTC of Rs. 40,34,724/-. 2.1. The assessee filed an appeal against the order passed by the Assessing Officer/CPC u/sec.143(1) of the Act before the learned CIT(A) an....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....order of the learned CIT(A) and submitted that this issue is covered in favour of the Revenue by the decision of ITAT Visakhapatnam Bench, Visakhapatnam in the case of Muralikrishna Vaddi vs. ACIT/Dy.CIT reported in [2022] 142 taxman.com 32 [Visakhapatnam-Trib.] wherein the Tribunal by considering the relevant provisions of Rule- 128(9) of the Income Tax Rules, 1962 held that "filing of Form No.67 is mandatory on or before the due date for furnishing return of income u/sec.139(1) of the Act". In the present case, the assessee has filed return of income beyond the due date specified u/sec.139(1) of the Act and, therefore, the Assessing Officer and learned CIT(A) has rightly rejected the FTC and their orders should be upheld. Learned DR has a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rectory in nature and if such Form No.67 is filed on or before the date when the Assessing Officer passed an order, then, the Assessing officer is bound to give credit of taxes paid in outside India. The Hon'ble Madras High court in the case of Duraiswamy Kumaraswamy vs. PCIT-8 & Others (supra) has considered identical issue and held that once relevant Form No.67 is filed for claiming FTC before the date when the Assessing Officer passed his assessment order, then, the Assessing Officer is bound to give credit for taxes paid in outside India. Similar issue has been considered by the Co-ordinate Bench of the ITAT Hyderabad in the case of Rishi Khare, Hyderabad vs. ITO, Ward-12(6), Hyderabad in ITA.No.827/Hyd/2024, Order dated 30.12.2024 wher....