Foreign Tax Credit cannot be denied for delay in filing Form 67: ITAT Delhi

Ajay Kumar Mishra Vs DCIT (ITAT Delhi) In the case of Ajay Kumar Mishra vs. DCIT (ITAT Delhi), the central issue revolved around the denial of Foreign Tax Credit (FTC) due to a procedural lapse in filing Form 67, as required under Rule 128 of the Income Tax Rules, 1962. The Income Tax Appellate Tribunal (ITAT), Delhi, adjudicated on the matter for the assessment year 2018-19, where the assessee contested the disallowance of FTC amounting to INR 35,02,850/- related to taxes paid in the USA. Factual Background and Proceedings: Assessment and Disallowance: The assessee, in their return filed ele...