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Rule - 128 - Foreign Tax Credit
No FTC benefit against interest, fee or penalty payable under the Act.
No FTC benefit of foreign tax or part thereof which is disputed in any manner by the assessee.
Foreign Tax Credit denial: no credit for domestic interest, fees or penalties and for disputed foreign taxes. Rule 128 restricts Foreign Tax Credit by disallowing FTC against interest, fees or penalties payable under the Income-tax Act, and by excluding any foreign tax (or part thereof) that is disputed by the assessee. of Press 'Enter' after typing page number.
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