ITAT Confirms FTC Allowance Under Section 90/91 for Investments Held Abroad

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.

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