Delay in Form 67 Not Fatal – Foreign Tax Credit to be Allowed: ITAT Mumbai

Tabassum Abdulla Inamdar Vs DCIT (ITAT Mumbai) Delay in Form 67 Not Fatal – Foreign Tax Credit to be Allowed – Rule 128 Held Directory – ITAT Mumbai CPC denied foreign tax credit (FTC) of ₹90,208 due to delay in filing Form 67 and CIT(A) upheld denial relying on Rule 128. Assessee had already disclosed foreign dividend income and FTC claim in ROI and later filed Form 67 along with rectification u/s 154. ITAT held that filing of Form 67 is directory and Rule 128 does not prescribe denial of FTC for delay. Tribunal observed that Sec 90/DTAA provisions prevail and procedural lapse cannot ...