Foreign Tax Credit Allowed if Form 67 Filed Before Assessment Completion

Subramanian Muthukumaran Vs ITO (ITAT Chennai) The Income Tax Appellate Tribunal Chennai adjudicated appeals concerning denial of Foreign Tax Credit (FTC) and levy of penalty under the Income-tax Act, 1961 for Assessment Year 2016–17. The assessee, a salaried individual without expertise in taxation, was deputed abroad during FY 2015–16 and initially filed his return on 19.07.2016 declaring only Indian income based on Form 16. Foreign income was not disclosed at that stage. Subsequently, proceedings were initiated under Section 148, and the assessee, in response, voluntarily disclosed fore...