Foreign Tax Credit Cannot Be Denied Due to Belated Form 67: ITAT Kolkata

Advertisement Atanu Mukherjee Vs ITO (ITAT Kolkata) The Income Tax Appellate Tribunal (ITAT), Kolkata, allowed the assessee’s appeal against the order of the Commissioner of Income Tax (Appeals), NFAC, for Assessment Year 2020-21, which had upheld the denial of Foreign Tax Credit (FTC) solely on the ground of delayed filing of Form 67. The assessee, an individual and tax resident of India, filed a belated return of income on 31 March 2021 declaring total income of ₹93,44,290 and claimed FTC of ₹20,92,790 under Section 90(2) of the Income-tax Act. The return was processed under Section...