TaxTMI 
TaxTMI 
2025 (4) TMI 2176
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....ome for AY 2021-22, declared double tax salary of INR 4,80,293/-and claimed foreign tax credit of INR 1,13,925/- as the assessee was on assignment to Reckitt Benckiser Malayasia SDN BHD. Form no. 67 was also filed by the assessee along with necessary proof of payment of tax in Malayasia. The assessee received an intimation order u/s 143(1) of the Act wherein the demand of INR 54,170/- was raised against him. 3. Aggrieved by the said order various rectifications were filed online but vide rectification order u/s 154 of the Act FTC credit was disallowed and erroneous demand of IRN 38,490/- [after adjustment of refund of INR 82,073/-] has been raised by the assessee on account of non-grant of foreign tax credit of INR 1,13,925/- and by not ....
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....gly raised a demand of INR 38,490/-. He has also challenged the levying of interest u/s 234B and 234C of the Act. The Ld. A.R has also cited several judicial pronouncements which is as under: i) Rahul Anand vs. ADIT [2024] 169 taxmann.com 281 (Kolkata-Trib.) ii) Debanjan Chatterjee vs. DDIT [2024] 169 taxmann.com 685 (Kolkata-Trib.) iii) Surendra Kumar Goenka vs. ADIT [2024] 169 taxmann.com 306 (Kolkata-Trib.) iv) BGA Electrical & Services Pvt. Ltd. vs. [2024] 169 taxmann.com 272 (Kolkata- Trib) v) Anindya Sarkar vs. ADIT in ITA NO. 1345/Kol/2024 vi) Kuthoore Nataranjan Venkatasubramanian vs. PCIT [2024] 168 taxmann.com 622 (Madras) vii) Manoj Kumar Srivastava vs. ACIT [2024] 16....
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....nt has failed to file form 67 within the due date specified for furnishing the return of income under sub-section (1) of section 139 of the Act. 5.5 Therefore, as per Rule 128(9) of the I. T. Rules, 1963, the appellant is required to furnish Form no. 67 well within the due date specified for furnishing the return of income under subsection (1) of Section 139 of the Act. In the case of the appellant, it is noticed that Form 67 has been field by the appellant on 02.01.2023 after the due date of filing the return of income for AY 2021-22 and even after processing u/s 143(1) of the Act on 02.09.2022. The appellant has submitted that claiming FTC is a vested right of the appellant as per Article 24 of the India- Malayasia DTAA read with....
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....by I.T.A. No. 1831/Kol/2024 Assessment Year: 2020-21 Surendra Kumar Goenka law. Subsequently, since the credit was not allowed, he filed rectification application and Form No. 67 on 03.07.2022 and prior to that rectification requests on 21.05.2022 and on 07.06.2022 were also filed. The credit was not allowed since From No. 67 was filed beyond the date for filing the return of income under Section 139(1) of the Act. In the case of Mahua Bagchi Vs. ACIT (supra) relied upon by the assessee, it is held as under: "5. After hearing rival contentions and perusing the material on record, we find that the assessee served abroad and some foreign tax to the tune of Rs. 17,72,470/- was deducted in United Kingdom under DTAA between India and UK....
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....y the Co-ordinate Bench as above, we therefore respectfully following the same set aside the order of the Ld. CIT(A) as well as AO and direct the AO to allow the credit of foreign tax to the assessee. So far other issue is concerned i.e. in consonance with eth above contention hence levying additional interest is also hereby set aside. In the result, the appeal filed by the assessee is allowed. Order is pronounced in the open court on 16th April, 2025. ============= Document 1 METHODS FOR ELIMINATION OF DOUBLE TAXATION 1. The laws in force in either of the Contracting States will continue to govern the taxation of income in the respective Contracting States except where provisions to the contrary are made in this Agreement. ....
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....gainst Malaysian tax of tax payable in any country other than Malaysia, tax paid in India under the taxation laws of India and in accordance with the provisions of this Agreement, by a resident of Malaysia in respect of income derived from India shall be allowed as a credit against tax payable in Malaysia in respect of that income. Where such income is a dividend paid by a company which is a resident of India to a company which is a resident of Malaysia and which owns not less than 10 per cent of the voting shares of the company paying the dividend, the credit shall take into account tax paid in India by that company in respect of its income out of which the dividend is paid. The credit shall not, however, exceed that part of the Malaysian ....