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ITAT Confirms FTC Allowance Under Section 90/91 for Investments Held Abroad
Case Law Details
- Case Name
- DCIT Vs Malvinder Mohan Singh (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Delhi
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DCIT Vs Malvinder Mohan Singh (ITAT Delhi)
Sufficient returned income & timely Form 67 can’t be ignored: ITAT upholds deletion of foreign investment addition & allows FTC u/s 90/91
Delhi ITAT dismissed Revenue’s appeal & upheld CIT(A)’s order deleting addition of ₹3.31 crore u/s 69 on account of alleged unexplained foreign investment in shares held in names of minor daughters & allowing foreign tax credit of ₹23.02 lakh u/s 90/91.
Tribunal noted that Assessee was a high-income taxpayer with returned income of ₹26.80 crore, had duly disclosed for...
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